Basseterre, St. Kitts, January 28, 2016 (SKNIS): Prime Minister, Dr. the Honourable Timothy Harris, has described the macroeconomic level of the Federation of St. Kitts and Nevis as one that is moving on in a way that makes it the envy of other countries around world.
During the Governments’ weekly radio and television programme “Working for You” on Wednesday, January 27, Prime Minister Harris outlined the countries growth for the past year.
“Last year for example we delivered an economic growth at a rate of about 6.6 percent,” he said. “You can hardly find five countries around the world that would have performed at that magnitude. This year we are anticipating that we would have a growth rate close to 5 percent.”
Referring to the Economic Commission for Latin America and the Caribbean (ECLAC), the International Monetary Fund (IMF) report and the World Bank outlook, Dr. Harris stated that St. Kitts and Nevis is in a position that puts the country in better standing than other countries worldwide.
“At the macroeconomic level, St. Kitts & Nevis as a Federation is doing excellently,” he stated, adding that the Federation’s growth rate of 6.7 percent in 2015, was the largest in the Caribbean and the second largest in Latin America, upped only by the performance of Panama. “In 2016, we are in the top performers globally.”
Prime Minister Harris noted that the growth of and by itself is “an indicator of what should happen.” He explained that once there is growth, it should be indicative of one that creates more jobs.
“We would want to see growth that is job rich so that those that require work, those who need to be gainfully employed, can in a reasonable time find those employment.” he said.
Prime Minister Harris touched on inflation and noted that based on indicators from the Eastern Caribbean Central Bank (ECCB) in its last report up to September 2015, it indicated that the Federation is experiencing a very low inflation rate and with “respect to the food sector which constitutes about 25% of the basket of goods, we had experience about a 10 percent decline in the cost of living relative to food and beverages.”
Dr. Harris added that this is a very helpful sign because it means that the purchasing power has improve for the vast majority of persons. “When we look at the data from the social security we recognize that in 2015 more persons have moved from the poverty line from becoming a minimum wage earner to doing better. They are in the middle income category and that again is a good indication of where we are as a country.
The prime minister said that this reflects well on the prosperity agenda of his Government of National Unity, and noted that prosperity in real terms must mean that people are in a better position to take care of their families, pay their bills, live comfortably and enjoy all the things that are important to their wellness and well-being without losing sight of the spiritual element critical for peace and happiness.
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