Economic Growth

Countries within the Eastern Caribbean Currency Union (ECCU) will record marginal economic growth this year, according to St. Lucia’s Prime Minister Dr. Kenny Anthony. Anthony, who has taken over chairmanship of the ECCU, said that the sub-region would record economic growth of 1.5 per cent this year and 2.2 per cent in 2014. The economic performance of the region continues to be hampered by the global recession and is linked largely to growth in the economies of major source markets like the United States and Europe. Anthony said it was imperative that ECCU member countries – Antigua and Barbuda, Dominica, Grenada, St. Lucia, St. Vincent and the Grenadines, St. Kitts-Nevis, Montserrat, Anguilla and the British Virgin Islands – adopt effective strategies to stimulate growth of at least 3.5 per cent between now and 2015 and at least eight per cent in the following years. “We are conscious of the need to stimulate growth as this is linked to the achievement of financial stability, fiscal and debt sustainability and ultimately sustainable employment for our citizens.

Courtesy: www.cananewsonline.com