Basseterre, St. Kitts – Nevis
December 11. 2007 (CUOPM)
Despite the closure of the centuries old sugar industry in 2005, the Federation of St. Kitts and Nevis registered a four percent economic growth in 2006.
Prime Minster and Minister of Finance, Hon. Dr. Denzil L. Douglas in his three hour and fifteen minutes Budget Address in the St. Kitts and Nevis National Assembly on Tuesday also disclosed that although the Current Account deficit widened, an overall Balance of Payments surplus of EC$46 million was recorded.
“Although, my Government had achieved considerable progress in diversifying our economy and reducing our reliance on sugar production, we still looked to 2006 with some anxiety and trepidation,” said Prime Minister Douglas, who noted that when his St. Kitts – Nevis Labour Government assumed office in 1995, it was determined to protect the livelihood of the sugar workers for as long as possible, by forestalling any attempt to close the sugar industry prematurely.
“However, we also knew that we could have been overtaken by events and circumstances beyond our control. We were aware that, notwithstanding our most valiant efforts, the global phenomenon of trade liberalisation could have pushed us out of sugar production,” said Dr. Douglas.