Basseterre, St. Kitts, March 4, 2021 (SKNIS): The Federation of St. Kitts and Nevis is expected to have economic growth of 5.5 percent in 2021 as the world in the process of opening back up and returning to a state of pre-COVID normalcy.
This was announced by Financial Secretary in the Ministry of Finance, Hilary Hazel, on the virtual forum series ‘Leadership Matters’ on March 2 where she said that “Global growth is expected to reach around 5.5% by the end of 2021.”
She continued, “In the United States of America, it is expected that that region would grow by 5.1% and this is essential for us here in the Caribbean.”
“Latin America and the Caribbean region, we expect it to grow by 4.1% and for us here in the Federation,” said the Financial Secretary.
She said that “This is consistent with all the projections made by the Eastern Caribbean Central Bank for the Eastern Caribbean Currency Union (ECCU) economies which are expected to return positive growth in 2021.”
She also added that the tourism sector will continue to be slow with prospects for better performances in the 2022 and 2023 tourism season.
Mrs. Hazel also said that there are still relatively high levels of uncertainty in relation to the prospects of recovery, and that the prospects are much more improved for 2021 as opposed to the experiences in 2020.
She said, “We are expecting that the negative experiences that we have had, in terms of the construction sector which saw a -16.5 percent growth in 2020, we are expecting now for 2021 a rebound of this sector which will grow by 8.9 percent and thereby contribute in the vicinity of 14 percent to our Gross Domestic Product (GDP)”
“The Financial Intermediation Sector is expected to grow by 2.9 percent and contribute around 12 percent to GDP. Our real estate and business services sector is expected to grow by 2.8 percent and contribute around 10 percent to GDP,” said Ms. Hazel.
She continued, “Public Administration in 2020 was the only sector to experience positive growth around 3.8% and in 2021 we expect this sector to grow by 4.3% again contributing around 10% to GDP.”
The Financial Secretary further stated that “The education sector which also includes our offshore education facilities would be expected to grow by 5.1 percent and contribute around 8 percent to GDP.”
“In terms of our economic recovery, the pathway rests heavily on our ability to have both government, businesses and the general public, finding a way to coexist with COVID-19,” said Mrs. Hazel.
]]>Basseterre, St. Kitts, September 03, 2020 (SKNIS): Over the past 24 years, the National Housing Corporation (NHC) has provided thousands of housing solutions for residents in St. Kitts. Providing affordable home is the primary goal of the NHC, however, Minister of Human Settlement, Honourable Eugene Hamilton, said the economic spinoffs are notable.
The construction activity is “adding great value to the overall economic activity of the country, providing jobs for persons who are carpenters, masons, plumbers and electricians,” he stated on the radio and television programme Working for You on September 02, 2020.
Hiring independent contractors, most of whom have a small business or are self-employed, ensures that the economic impact is spread out even further across the country. The income that is earned by the workers is used to provide for their families.
“We are providing food, clothing and shelter by what we do at NHC,” Minister Hamilton expressed. “Yes, people see it as just the shelter but if you think about it in the broader context, food is provided, clothing is provided, love and harmony in the home are provided.”
The minister added that he was proud of the contributions that NHC is making to the national development agenda as well as the Gross Domestic Product (GDP).
The management and staff of NHC are celebrating their 24th Anniversary this week.
]]>BASSETERRE, St. Kitts, August 27, 2020 (Press Unit in the Office of the Prime Minister) – A number of nationals of St. Kitts and Nevis used Tuesday (August 25) night’s edition of Leadership Matters to record their appreciation and commendation to Prime Minister Dr. the Honourable Timothy Harris for his staunch leadership of the country during these uncertain terms brought on by the global COVID-19 pandemic.
Prior to the arrival of the deadly coronavirus in the Federation, St. Kitts and Nevis, under the leadership of the Dr. Harris-led Team Unity administration, had the lowest debt to GDP ratio among all independent countries of the OECS, and the highest per capita Gross Domestic Product (GDP) in the subregion.
One caller to the programme thanked the honourable prime minister for keeping the residents safe from the spread of COVID-19. He added, “When I look at St. Kitts, we have no active cases, we still have no deaths and I would like to hear more of the media thanking you for keeping us safe because the measures that you have put in place were a success.”
Another caller phoned in to also express his gratitude to Prime Minister Harris and his Team Unity administration. He echoed similar sentiments of appreciation by stating that as a result of the protocols that were put in place at an early stage, St. Kitts and Nevis was spared the worst of the COVID-19 outbreak with less than 20 positive cases and zero deaths.
A third caller, a national residing overseas, told Prime Minister Harris that St. Kitts and Nevis is in an enviable position compared to other nations because of its handling of the pandemic that has crippled world economies.
In response, Prime Minister Harris wholeheartedly thanked the callers for their words of commendation and well wishes. Dr. Harris then pledged to use his good offices to continue the work of developing the twin island Federation on behalf of every citizen and resident of St. Kitts and Nevis.
“Every day I am conscious really of the awesome and onerous responsibility to lead and to provide leadership to the citizens and residents of St. Kitts and Nevis, and I in a prayerful way, really endeavour each time to do my very best and will continue to do so. So I want to commend all for congratulating me on the work so far and to say I will try hard not to disappoint or let you down and I will bring every energy, every knowledge, every experience that I have garnered and honed over the last couple of years to ensure that we advance the safer and stronger future for the people of St. Kitts and Nevis,” Prime Minister said.
To help cushion the economic impact from the fallout from the COVID-19 pandemic, the Dr. Harris-led Government of St. Kitts and Nevis introduced a comprehensive $120 million stimulus package which included reducing Corporate Income Tax and Unincorporated Business Tax; waived water payments of farmers for six months to boost agricultural production; injecting $10 million to boost production in the agriculture sector; and provided an additional $5 million to support the Poverty Alleviation Programme, among others.
It was recently reported by the Chief Executive Officer of the St. Christopher and Nevis Social Security Board, Mr. Antonio Maynard that over 8,000 employees and 1,568 self-employed persons in St. Kitts and Nevis, who suffered a loss of income due to the coronavirus pandemic, have benefited from a payout of some $22 million from the Social Security COVID-19 Emergency Relief Fund.
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