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World Bank Document Report No. 1006-GRD Economic Position and Prospects of Grenada Public Disclosure Authorized April 12, 1976 Latin America and Caribbean II FOR OFFICIAL USE ONLY Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Docurnent of them WnrIs4 RBnk This document has a restricted distribution and may be used by recipients only in the performance of their officiai duties. its contents may not otherwise be disclosed without World Bank authorization. CURRENCY EQUIVALENTS Currency Unit: East Caribbean Dollar Since its creation in 1965 the East Caribbean dollar has been tied to sterling at the rate 61.00 = EC$4.8. Changes in the exchange rate between the EC dollar and the US doIlar have been governed by movements in sterling. Exchange Rate Prior to December 1971: EC$1.00 US$0.500 or US$1.00 EC$2.00 From December 1971 until June 1972: EC$1.00 = US$0.543 or US$1.00 = EC$1.84 Since June 1972 the EC$ has floated in line with sterline. As of necember 1975: EC$1.00 = TJR$0.A21 or US$1.00 = EC$2.375 FOR OFFICIAL USE ONLY PREFACE This report is based on the findings of an introductory economic mission wshich visie4dr r.e 0 adA0 4in Tn.io 1075 The missiA cnQQ4omprisdA Messrs. Frank J. Earwaker (Chief), Mario Cortes (Economist), E.P. Riezeboz (Agr4-ultu-ral Economist-, Eric Ar.-strong (Na,t-4ional Accounts Spcan4nl4s - Caribbean Development Bank), and Miss Dolores Velasco (Statistical Assistant). This documenl husa stricted distribusaon omay be by usedrecipients orly the performancein |of their official duties. Its contents may not otherwise be %osdwtutWrdbnaunriai TABLE OF CONTENTS MAIN REPORT PaRe No. MAP COUNTRY nATA PREFACE SUTMMARY AND CONCLUSIONS= .=i-x I. INTRODUCTION- II. ECONOMIC STRUCTURE A-ND GROWTH = =--= Manpower Resources- 3 Economic Structure and Growth 1960-70 ... ......... 6 Recent Economic Devrnflopnnrnmenrs ; .- 7 TTT CCCrfl%D TCCTTWC AMTh DPflCDLPTC III. SECTORJ L AND A .i.i...... .................. .. A. AgricLLuJ-ltur ... ................................. 11 B. Tourism ..................... ..................... 20 C. t nufacturing Tn ustry ................................................. 26 D. Transportation ................... ................. 29 E. Wa ter Supply ...... ........ .. ........ .. U.......... F. Education ...... .............. .................... 32 G . Ho us ing ...... IV. POSSIBLE STRATEIES FOR DEVELOPriET ................... 35 The Low Growth Base .............................. The High Growth Alternative ...................... 39 V. THE FINANCING OF DEVELOPMENT .......................... 41 A. Financing the Private Sector ..................... 41 B. Financing the Public Sector ...................... 45 C. The External Sector .............................. 55 APPENDIX A Tax Policy: Issues, Constraints and Possibilities ......... i - 6 APPENDIX B National Accounts Estimates 1970-74 ...... .................. I - 3 STATISTICAL APPENDIX IBRD 11733 0 0 0 61 50'W A61 45'W 61 40'W 61°35'W 1°5N 1Z15N GRENADA ELEVATION (Feet0 2000 and Over 1500 ' 100 ' ' | _ ~~~~~MainRoads vi 'ri, Parish Boundaries T A( Rivers A-•R )Q M K (- I S Capital MA R -o 0 0 Main Towns )2 N- 12010'N Airport Crlotte Tn 2°10'N (ZT fJ "O'H N~~~~-~Q N 1 X>> tt} 5 \ g<~~~~~~~~~~~~~~~NarquisS 0 12 05N / S fl 12'05NI G3, -aadM'Bay ~I .7 I W 4 X~- 7 i ) |' I ST GEORG'S}.l id ,- V v|| l°r | tJ f ) 5 ~~~~~~~~ ~ ~~~ ~ ~~~~~~Corirrth)C' CARRIACOU Graid C.6.t%h Morwi Rornage < > H lIbro#j i12000%S/27C_t)p ( ) L r.wrbnrrr San o 1 2 U 3 5 I Kilonretens { 4Ari.vnt.c , r~.. 2 - A _ ma Milres . ] A r~~~hei,a,rralan-ea al,oxr otr hinn do no 61 5vYW aniorKmcnr m, acapratao br rh/trrp/ 6t 45'W 6041-4W : : SOUTLAMERICA S- 17 I_Wro'i IRank rnd ira afjildia.r I s oar. D,a.aar. .ra o .S2ra.s,I ; Page 1 of 2 pages COUNTRY DATA - RENDA AREA POPULATION DENSITY 344 km2 0.106 million (mid-1973) 312 per km2 Rate of Growth: 0.8% (from 1960 to 1970) 448 per km2 of arable land POPULATION CHARACTERISTICS (1973) HEALTH (1973) Crude Birth Rate (per 1,000) 27.4 Population per physician 3,419 Crude Death Rate (per 1,000) 6.8 Population per hospital bed 145 infant Mortalitv (ner 1,000 live births) 18.h DISTRIBUTION OF LAND OWftERSHIP (1961) EDUCATIoN (1968) % owned by top 10% of owners 75 Adult literacy rate % 85. % owned by smallest 10% of owners 1 Primary school enrollmnut % 89. ACCESS TO PIPED WATER (1967) ACCESS TO ELECTRICITY (1971) % of population 34 % of population 39 GNP PER CAPITA IN 1974: 1/ US$300 GROSS NATIONAL PRODUCT IN 1974 ANNUAL RATE OF GROWTH (%. coastant prices) US$ Mln , 1971-74 1974 GNP at Market Prices 32.4 100.0 -9.5 .16.8 Gross Domestic Investment 5.7 17.6 -27.7 -31.3 Gross National Savi-ng 1.0 3.1 Current Account Balance -4.1 -12.7 19.2 10.2 Exports of Goods, NFS 11.5 36.1 -27.1 -38.7 Inports of Goods, NFS 17.1 52.8 -26.5 -28.9 OUTPUT. LABOR FORCE AND PRODUCTIVITY IN 1971 VUl.uo Added Labor Force V. A. Per Worker US$ Mln . % Mln . % US$ 5L Agriculture 6.2 21.5 0.008 30.8 775 69.7 Industry 5.9 20.4 0.006 23.1 983 88.4 Services 16.8 58.1 0.012 1.6.1 L400.9 Unallocated _. Total/Average 28.9 100.0 0.026 100.0 1112 100.0 tOTVE WT FWTATNCE Consolidated Public Sector 2/ 31 Central Government Y (EC$ M.) % of (CP S oln.)of MP V27I 1975 1975 1975 Current Receipts 18.3 20.5 18.1 20.3 Current Expenditure 22.3 2; 22.1 Current Surplus -4.0 -4.0 -4.0 -4.0 Capital Expenditures 1.7 1.9 1.7 1.9 External Aaaistance (net) -0.3 -0.3 -0.3 -0.3 1/ The Per Capita GNP estimate is at 1972-74 market prices, calculated by the same conversion technique as the 1975 World Atlas. A11 other conversions to dollars in this table are at the average exchange rate prevailing during the period covered. 2/ Relates to fiscal year. 3/ Eytimate. Page 2 of 2 pages COUNTRY DATA - GRENADA MONEY, CREDIT AND PRICES 1971 1972 1973 1974 1975 (Million EC$ outstanding end period) Money send"--si Money 49-4 5700 F.1l 60.4 77.9 Bank Credit to Public Sector 7.8 12.3 10.7 13.4 19.8 Bank Credit to Private Sector 38.5 44.7 47.6 44.2 42.7 (Percentages or Index Numbers) Money and Quasi Money as % of GUDPI 82.7 83.0 87.1 78.5 87.6 Bank Credit to Public Sector (Annual %) - 57.7 -13.0 25.2 47.7 Bank Credit to Private Sector (ChAange) - 16.1 5.3 -7.1 _3.1l BALANCE OF PAYMENTS MERCHANDISE EXPORTS (AVERAGE 1970-74) 1972 1973 1974 1975 US$ Mln. t (Millions US$) Exports of Goods, NFS .u4.1 A.z .. -7 rmL-ar GooU. I ua4 Imports of Goods, NFS 22.9 22.6 19.5 24.4 Manufactured Goods 0.4 6.1 Resource Gap (deficit - -) - 4 -7.5-8 Re-exports 0.5 7-5 All Other Commodities - - Other Factor Payments (net) -0.9 -0.5 -0.2 -1.3 Total 100.0 Net Trar,fes-s 2n 2n0 1_6 1 4 Balance on Current Account -7.1 -T-.0 -7-4 EXTERNAL DEBT. DECEKBER 31. 1974 Direct Foreign Investment 0.9 3.8 1.9 1.8 '0$ MUm. Net MLT Borrowing -0.3 -0.1 0.6 -0.1 CaDital Grants 2.0 2.7 1.5 1.3 Public Debt, incl. guaranteed 7.1 Other Capital (net) 5.5 0.2 0.4 2.5 Non-Guaranteed Prvate Debt- Increase in Reserves (+) +1.0 +1.2 -0.6 -1.5 Total Outstanding and Disbursed 7.1 Gross Reserves (end year) 6.4 7.6 7.0 5.5 DEBT SERVICE RATIO FOR 1974 . Net Reserves (end year) 6.4 7.6 7.0 5-5 D PATE OF EXCHYANGE Public Debt, incl. guaranteed 5.0 Non-Guaranteed Private Debt _ Through Dec. 1971 Since June 1972 Total Outstanding and Disbursed 5.0 US$1.00 - EC$2.00 The EC$ has floated in line EC$1.00 = US$05.0 with sterling. As of Dec. 1975, TTqS (Y0 = ECs _47[ Dec. 1971-June 1972 EC$1.00 - US$0.421 US$1.00 = EC$1.84 EC$1.00 = US$o-543 1/ GDP at Market Prices. 2/ Ratio of Debt Service to Exports of Goods and Non-Factor Services. Summary and Conclusions i. Grenada, the most southerly of the Windward Islands, is the smallest country in the Western Hemisphere in terms of both size and population. The total national territory of 133 square miles includes a number of islands in the Grenadines which constitute dependencies of the main island. The popula- tion of 106.000 (1973) is mostly of African descent- and a high level of emigration has kept down the net demographic growth rate to little more than 0.5% ner annuim for the last half centttry This rate of growth may change sig- nificantly in the future, however, because of stricter immigration controls on thp nart of those rountripe which traditionally have absorbed migrants from the West Indies. ii. In relation to its size, Grenada has a good resource endowment which affords exceptional opportunitnie- for the development of agriculture and tour- ism. Fertile soils and plentiful rainfall are to be found in much of the interior, and the ,n.otatinou terrain has not imno.-d the devl-omnnt of a significant export agriculture based on nutmeg, cocoa and banana. Rainfall isc much more moderate on the constal region where, to the south of St.
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