Economy Archives - Page 43 of 49 - Nevis Island News and Notes

Barbados PM Says “Caribbean Must Get A Grip”

Caribbean Governments Must Work On Economy

Basseterre, St. Kitts – Nevis
January 05, 2009 (CUOPM)

Investment flows and infrastructural development in tourism real estate are already showing signs of a slow-down as a result of the international global recession.

Barbados Prime Minister Hon. David Thompson said although the nations of the developed world owe it to the other countries to ensure that the response strategies they devise are based on the widest dialogue and participation, are transparent and take account of all needs, the Caribbean needs to get a grip on its future.

The Barbados leader told nearly 600 patrons at the 8th Annual New Year’s Gala of St. Kitts and Nevis Prime Minister Hon. Dr. Denzil L. Douglas that the global economic recession has already begun to affect the vital tourism and related sectors of St. Kitts and Nevis and other Caribbean nations whose dominant market share is held by North America.

He added that the recession will likely have a direct impact on foreign exchange earnings as well as the anticipated fall in remittances, and the rise in protectionism, unless alternatives can be identified and pursued.

“It is against this background of hope for something different and fear of something worse, that our countries in the Caribbean must now get a grip on our future,” the Barbados Prime Minister said.

Mr. Thompson pointed out that Caribbean people are no strangers to crises and difficult times as the societies have survived the cruel legacy of slavery and colonialism to build their own way of life.

“For almost half a century, we have managed our affairs as sovereign states, and have consolidated our political independence through the creation of a strong and vibrant Caribbean Community of progressive, tolerant nations, guided by the values of democratic governance, social justice, and respect for human rights and for cultural and ethnic diversity. We have weathered perennial storms, whether natural or man-made, with stoic resilience and an abiding faith,” said the Barbados Prime Minister who expressed confidence “that if we “˜cut and contrive’ we can make it through to the good times. That same spirit continues to guide us now.”

2009 Budget For St. Kitts – Nevis Is Well Received

Basseterre, St. Kitts – Nevis
December 22, 2008 (CUOPM)

The St. Kitts – Nevis Chamber of Industry and Commerce is applauding the 2009 Budget, presented nearly a week ago by Minister of Finance, Dr. the Hon. Timothy Harris.

A statement from the private-sector body said it is “the St. Kitts-Nevis Chamber of Industry and Commerce is heartened by the fact that Government’s 2009 Budget is “tax free” and does not appear to include any increases in existing taxes and levies.”

The Chamber said it considers the nature of Government’s 2009 “Tax Free” Budget “a sensible move, especially given the overwhelming evidence that some of the world’s major economies such as the United States of America, and some European countries are facing serious financial challenges which are expected to prolong well into the next 12 months. Moreover, some of the larger corporations in these developed countries are being given government bailouts in order to survive.”

The Chamber added that it is also encouraged by Government’s realisation that “our economic future rests, in large measure, on the development of our private sector which must be given as favourable an environment in which to thrive and succeed if this Country is to enjoy the spoils of development.”

It noted that a number of changes have been noted in the 2009 Budget for which the Chamber intends to seek clarification.

“Some of these include the possible introduction of unemployment insurance, “billable services” in Customs, and promised increases in (a) the cost of certain Government fees for services; and (b) pensions paid by Social Security. The level of these fee increases, and the sourcing of funds for the increased Social Security pensions and the unemployment insurance scheme are issues which the private sector body intends to raise with Government at the earliest opportunity,” said the Chamber, adding that it also intends to “seek clarification of those tax reform measures which have been proposed.”

The Chamber of Industry and Commerce noted Minister Harris’ affirmations regarding Government’s commitment to business facilitation.

CSME And OECS Economic Union Is Good For The Economy

St. Kitts – Nevis’ PM Douglas Speaking In London
Photo By Cris Collins

Basseterre, St. Kitts – Nevis
October 08, 2008 (CUOPM)

St. Kitts and Nevis must use the next 25 years to maximise its potential in a global context, using the emerging regional Caribbean Single Market and Economy (CSME) and the proposed Economic Union of the OECS as the building blocks to its future economic structure.

“Over the coming years, it is vital that we build a highly productive Service Economy, and in doing so create a strong entrepreneurial environment, empowering our men and women to become more creative in income generating projects, and at the same time, we must raise our standards to international levels,” St. Kitts and Nevis Prime Minister Hon. Dr. Denzil L. Douglas told close to 600 nationals at a 25th Anniversary Dinner and Ball in London on Saturday night.

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.

St. Kitts – Nevis National Flag Basseterre, St. Kitts – Nevis August 21, 2008 (SKNIS) Last week’s National Consultation on the Economy was hailed as a success by the private sector as it provided many recommendations for Government to consider …

Barbados PM Says “Caribbean Must Get A Grip”

St. Kitts – Nevis Chamber Of Commerce Likes 2009 Budget

CSME And OECS Economic Union Is Good For The Economy

St. Kitts – Nevis Faring Well In Current Economy

St. Kitts – Nevis Chamber of Commerce Pleased