BASSETERRE, St. Kitts – “WE must increase our levels of resilience and our flexibility to adapt to changing circumstances. This particular crisis is so deep and far reaching that it requires a concerted and strategic response by a conscious and mobilised population.”
These were the sentiments of Eastern Caribbean Central Bank (ECCB) Governor Sir K. Dwight Venner in his most recent economic review of the Eastern Caribbean Currency Union (ECCU) held January 29 in St. Kitts.
Venner indicated that the people of the region must work smarter in response to the global financial downturns as it is critical for the region to remain afloat. He said the ECCU must attempt to maintain the level of ongoing economic activity by supporting the tourism industry in its cost reduction and marketing strategies.
He also added that engaging in targeted public sector investment programmes to stimulate economic activity and providing efficient and effective social safety net programmes to address the needs of the vulnerable are key to the region’s survival.
“The low growth scenarios which confront our economies are due in great measure to our small land and population size and limited technical capabilities. While the crisis has international origins, we have the responsibility as sovereign countries to decide on our own appropriate responses.”
In referencing the response of the Singapore Government during the Asian crisis of 1997, Sir Dwight said, “We have no possibility of changing the international economic system or the prevailing conditions, but we can change ourselves and our way of doing business. We must be clear on those things over which we have control and those over which we do not.
“This means that every segment of the population, politicians in government and opposition, public servants, the private sector, the trade unions, civic society, the professions including teachers, doctors, lawyers, engineers, accountants, nurses, police, community organisations, families and individuals must take responsibility for our current and future prospects and the goals of achieving a better standard of living and quality of life in the OECS.”
Venner indicated that in the final analysis a country must depend on its citizens to work hard, to cooperate with each other, to be objective in their judgments and to be prepared to make sacrifices for the good of their country.
He added that in this international crisis “each and every one of us must perform the role of a citizen to the best of our abilities to ensure the welfare of present and future generations. There is no ‘them and us’. In a world this size there can only be ‘we’ - All of us working together.”
