St. Kitts – Nevis Economy Fares Well

Basseterre, St. Kitts – Nevis
September 06, 2008 (SKNIS)

Economic prospects in St. Kitts and Nevis are forecasted to be positive in the upcoming year in spite of global challenges and this is attributed to the resilience of the economy.

“There has been a significant slowing down of growth in international economies but we [the local economy] have continued to grow. Perhaps not at the level of growth rates we would like, but given the current climate, any growth rate above zero is quite good and we are “¦ averaging about three percent [growth],” Former Financial Secretary (FS) Wendell Lawrence told SKNIS.

Mr. Lawrence held the FS post in the Ministry of Finance from 1989 to 2005, before becoming Ambassador of St. Kitts and Nevis to CARICOM, the OECS and ACS. He indicated that the continued diversification of the economy and other government policies targeting business growth as well as the empowerment of citizens have had a stabilizing effect.

“We have had a sugar monoculture for many years and much of our resources were tied up in sugar production,” Ambassador Lawrence said. “To the extent that we have been able to move out of sugar without having gone into a recession is indicative of the fact that key stakeholders in the private sector have been responding to the challenges,” he added, citing factors such as the general increase in the price of oil, rising food costs and a worsening credit crisis.

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