PM Douglas foresees economic turnaround in near future

BASSETERRE, St. Kitts – ALTHOUGH the nation has witnessed a number of economic casualties in recent times, Prime Minister Hon. Dr. Denzil Douglas has spoken his confidence that the domestic economy would be revitalized within the next year.

According to Douglas, US President Barack Obama discussed the stimulus package for the US at last week’s Fifth Summit of the Americas, and projected a possible increase in economic activity in the Caribbean.

 “He [Obama] gave us the assurance that in a matter of nine or so months, things would have turned around. Our hotels that are under construction would have been completed; the rooms will be filled again by hotel visitors who are coming from abroad and those 80 workers who have been laid off will double in number to more than 200 additional workers that would be employed over there in the expanded Marriott,” Douglas asserted at a recent town hall meeting in Sandy Point.

The PM acknowledged that the current global recession may deepen, but stressed his belief that God would be with the nation during the challenging economic times. He said his confidence is further compounded by the critical planning in preparation for an upturn the nation is currently undertaking. 

“I am very confident that although at this time there is a period of consolidation, a period of thinking and of serious planning, things will get better in the months ahead. I have confidence and I have hope. I trust in God; I believe that God is with us during this trying and difficult time,” Douglas added.

According to the most-recent Blue Chip Economic Indicators Report, a comprehensive forecast of over 50 economists, the current economic crisis has been declared the “worst recession since World War II”, and an upturn may not be seen until late 2009, although some economists suspect it may take longer.

Furthermore, the World Economic Outlook released on April 22 by the International Monetary Fund (IMF) predicted that the economy in Latin America and the Caribbean will contract 1.5 percent this year, though a possible rebound was suggested in 2010. 

Douglas said the crisis is a period for each person to “be his brother’s keeper” and adamantly condemned any individual or party who would exploit the nation’s misfortune.

“Of course there are some who seem to think that they can use the misfortune of these 80 or 100 workers to try to gloat, to use this misfortune of ordinary workers to put pressure on the government and force it out of power. Tell them that they are making a sad mistake!”

The Prime Minister said his government would continue to protect the interests of the people of the Federation and promised the nation that “conditions will improve as your government continues to steer this ship of state to safe ground”.