Published 23 July 2017
Buckie Got It, St. Kitts and Nevis News
New Chairman of Monetary Council said projected growthain ECCU in 2017 and 2018 will fall short of its target
BASSETERRE, ST. KITTS, JULY 21ST 2017 – New chairman of the Monetary Council of the Eastern Caribbean Currency Union (ECCU), Dominica’s Prime Minister and Minister of Finance, the Hon. Roosevelt Skerritt has reiterated the Eastern Caribbean Central Bank (ECCB)’s move towards the socio-economic transformation of the economy in order to secure the future of the people of the region.
At a formal ceremony where he assumed the chairmanship from Prime Minister of Antigua and Barbuda, Hon Gaston Browne on Friday. Prime Minister Skerritt, whose nation is now ranked among the top three in GDP of the 8 ECCU countries noted that while the global economic growth is projected at 3.5 percent and 3.6 percent in 2017 and 2018 respectively, growth for the Eastern Caribbean Economic Union (ECCU) is projected at 3.2 percent in 2017 and 3.1 percent in 2018; still short of the 5% annual growth rate target which is required.
It is expected that tourism and the foreign direct investment, particularly through Citizenship by Investment, will continue to be the main drivers in achieving these targets.
“We see a future of strong banks, vibrant economies led by tourism, agriculture, medical education, financial services and powered by technology; we see a future where our citizens can find or create decent and meaningful work; we see a future where our children can grow up to realise their God-given potential; we see a future of peace, stability, unity and prosperity,” said Chairman Skerritt.
He said having set economic transformation as its focus, the ECCB will formally launch its strategic plan for 2017 to 2021 in September.
“The process of economic transformation is not a sprint, it requires inter alia, a solid foundation, an appropriate infrastructure, a strategy, resolute implementation and patience…it is with this high level of commitment and with the eagerness to make life better for citizens of the Eastern Caribbean Currency Union that I assume the Chairmanship of this council,” said Skerritt.
The Dominica leader noted that while the global economic growth is projected at 3.5 percent and 3.6 percent in 2017 and 2018 respectively, growth for the Eastern Caribbean Economic Union (ECCU) is projected at 3.2 percent in 2017 and 3.1 percent in 2018; still short of the 5% annual growth rate target which is required.
Prime Minister Skerritt used the very ECCB statistics that show that St. Kitts and Nevis, once the ECCU economic leader, has tumbled down the economic ladder and is now number six of the eight ECCU countries in projected growth for 2017.
