St. Kitts – Nevis Government Optimistic On Growth Prospects

St. Kitts - Nevis PM - Dr. Denzil Douglas

St. Kitts – Nevis PM – Dr. Denzil Douglas
Photo By Erasmus Williams

Basseterre, St. Kitts – Nevis
October 25, 2010 (CUOPM)

The Government of St. Kitts and Nevis says it remains optimistic regarding the growth prospects for the twin-island Federation.

The Department of Statistics, in collaboration with the ECCB, compiled medium term GDP projections for the period 2010 to 2012 during August 2010.

“This exercise has produced GDP projections indicating a decline of 1.4% in 2010 and positive growth by 1.1% and 1.6% in 2011 and 2012, respectively. These estimates were noted to be very conservative given (i) the uncertainty surrounding the opening date for the Four Seasons Resort, (ii) the fragility of the recovery in the global economy and (iii) the possibility of a double-dip recession and a sustained high unemployment rate in the United States,” a news release from the Ministry of Finance and the Ministry of Sustainable said.

It noted that the ECCB and the Department of Statistics continue to work to ensure the presentation of timely, accurate and reliable estimates which is evidenced by the statistical insignificance in the projected GDP growth rates produced by the two independent statistical systems i.e. the IMF and the Department of Statistics/ECCB.

Government believes that the reopening of the Four Seasons Resort on Nevis, the intensification of work on the Kittitian Hill and Christophe Harbour Developments on St. Kitts, will help to stimulate economic activity.

Fully aware of the limitations of the high level of indebtedness and tight fiscal position, “greater effort has been placed on improving Government’s fiscal position and managing the debt, while supporting the growth and development of the Federation,” said the news release.

It noted that public sector investments made over the past 15 years in economic and social infrastructure have laid a strong foundation which will provide the Country with a secure position to benefit from the prosperity anticipated in the years after this crisis.

“All citizens are encouraged to be a part of the Government’s efforts and to continue to seize every opportunity to become engaged in productive activities that can add value and contribute to the development of St. Kitts and Nevis,” said the news release.

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