Basseterre, St. Kitts, January 19, 2016 (SKNIS): The year 2016, as described by Prime Minister and Minister of Finance Dr. the Honourable Timothy Harris, is said to be one of wonderful possibilities, as the economy of St. Kitts and Nevis promises to deliver another year of strong growth rate.
During the prime minister’s monthly press conference on Tuesday, January 19, Dr. Harris reflected on reports from various institutions.
“According to the International Monetary Fund (IMF) and Economic Commission for Latin America and the Caribbean (ELAC) reports, we shall grow conservatively at 4.6 percent,” said Dr. Harris. “This level of growth makes us one of the best performers globally in the entire world. It comes after an outstanding 6.6 percent economic growth projected and achieved for 2015.”
The finance minister noted that although the Federation’s projections are positive and strong, thanks is owed to God. He noted that islands such as Barbados and Trinidad and Tobago had to impose austerity measures to mitigate negative developments in their economies.
“Barbados for example, recently introduced a cell phone tax and Trinidad and Tobago is now dealing with issues related to adjustment of its property and other taxes as countervailing measures to deal with the anticipated significant loss in its revenue,” he said, while adding that the competent management of the fiscal affairs by his government led to a surplus realized in 2015.
The growth for 2016 will emerge from a number of sectors. Such will include construction, which Prime Minister Harris described as a sector which continues to be very buoyant. Other sectors identified were tourism, manufacturing, agriculture and the professional and financial services.