June 2020 Economic and Financial Review

June 2020 Economic and Financial Review DOMESTIC EONOMIC DEVELOPMENTS

DOMESTIC ECONOMIC DEVELOPMENTS

Overview

The

Triggered by the crisis from the COVID-

evolution of the pandemic.

uncertainty stems from a weak recovery of

19 pandemic, provisional estimates point

the tourism industry, a possible resurgence

to a contraction in economic activity at the

in infections globally, anticipated delays in

ECCU level for the first half of 2020,

the development of a vaccine and the

relative to the outturn in the

probable impact from natural disasters,

corresponding period of 2019 . This

particularly hurricanes.

decline reflected contractions in the major

sectors in all member countries, particularly

Real Sector Developments

in tourism and its ancillary sectors, as

Against a background of extensive

countries implemented stringent measures to

lockdowns and travel restrictions introduced

curb the transmission of the virus.

by both advanced and emerging economies,

economic activity in the ECCU is estimated

Notwithstanding the gradual reopening of

to have declined in the first half of 2020.

economies regionally and globally , the

Available data suggest that tourism-related

outlook for growth in the ECCU for the

activity fell, given the disruptive effects of

remainder of 2020 is subdued and

the COVID-19 pandemic. The total number

exceptionally uncertain in light of the

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