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Seychelles to expand by more than 6 pct in 2010: IMF
Reuters Translate This Article
28 October 2010
VICTORIA (Reuters) - Seychelles is expected to grow by more than 6 percent this year, thanks to a recovery in tourism and increased foreign direct investments, the International Monetary Fund said on Thursday [28 October].
'The economy weathered the global economic crisis of 2009 well and has rapidly recovered this year on the back of a rebound in tourism, sizeable foreign direct investment and a widespread pick-up in the domestic economy,' the fund said in a statement.
'Economic growth is now projected to exceed 6 percent in 2010.'
Buoyant revenues were expected to contribute to a primary surplus of 9.4 percent of GDP this year, 2 percentage points above the full year target, the fund added in a statement issued at the end of an IMF mission to the country.
The Indian Ocean island nation was hurt by the global financial crisis severely, forcing it to reschedule its debt.
Copyright 2010 Reuters. Reprinted with permission from Reuters. Reuters content is the intellectual property of Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. Reuters and the Reuters Sphere Logo are registered trademarks of the Reuters group of companies around the world. For additional information about Reuters content and services, please visit Reuters website at www.reuters.com. License # REU-5918-MES
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