SKN PULSE, Thursday 26th February 2015 – Two little islands, One Federation: A country where the economy is on the rebound. Days after an intense election battle, news broke signalling that the former government’s reign in office was one of productivity and such a feat gives credit to their sound fiscal policies that were initiated over the years.
Having said that, the Caribbean Development Bank report that was issued on Wednesday 18th February 2015 indicates that St. Kitts and Nevis and Turks and Caicos were the fastest-growing small economies in the Caribbean last year, both reporting growth of 4 percent.
According to Caribbean Development Bank Director of Economics Justin Ram “They each experienced accelerated growth of 4 percent or higher,” such a remark was made from Barbados at their streamed conference.
Further statements also revealed that Anguilla, Antigua & Barbuda, the Bahamas, the Cayman Islands, Montserrat and Grenada reported economic growth ranging from 1 to 3 percent during 2014.
Added to this, Dominica and Jamaica each registered an expansion of less than 1 percent and such indicates that they managed to exceed forecasts.
Bearing the aforementioned stats in mind, According to Ram, Preliminary estimates indicate that the regional recovery continued in 2014, with growth estimated at 1.3 percent. However, such an estimate was lower than what was originally predicted.
Mr. Ram hinted that the drop off in growth stemmed from the threat of natural disasters and the decline in prices of major commodities.
Moreover, he emphasized that the drought the Caribbean region experienced in December 2013 “severely affected the agriculture sector” in several countries.
The Caribbean Development Bank outlook plan for 2015 include: strengthening its efforts to promote economic growth and job creation, with emphasis on the energy sector and renewable energy projects.
President William Warren believes that “sustained economic growth is important because it has the potential to improve the lives of the more than 16 million men, women, and children living in our region,” and rightfully so sustained economic growth is a fundamental indicator that would be coveted by any sitting government.
He further stated that a successful normalization between the United States and Cuba would mean a significant change for the region, resulting in an expansion of the tourism market which would boost the exposure for local commodities.
The Caribbean Development Bank member countries includes: Anguilla, Antigua and Barbuda, Barbados, Bahamas, Belize, the British Virgin Islands, the Cayman Islands, Dominica, Grenada, Guyana, Haiti, Jamaica, Montserrat, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Suriname, Trinidad and Tobago and Turks and Caicos.
Posted by SKN PULSE.