Haiti’s Economy Projected to Grow at Faster Rate than St. Kitts & Nevis

The IMF (International Monetary Fund) World Economic Outlook Report is stating that St. Kitts & Nevis is projected to have the worst or the slowest growth rate in the entire world, up to 2015. The report indicated that St. Kitts & Nevis’ growth rate, over the next 5 years of 0.3 percent, will be the slowest of any of the 150 nations included in the report. 

According to the IMF, even the economy of the Western Hemisphere’s poorest and most devastated country, Haiti, is expected to grow 8 times faster than that of St. Kitts & Nevis. 

Since the disclosure of the projected poor performance, opposition political sources in the country have already pounced on the incumbent administration, accusing it of mismanaging the economy. 

“This revelation is quite startling when one considers that prior to the last general elections massive sign boards were mounted all over the country declaring that the economy is working,” said Opposition People’s Action Movement Leader, Mr. Lindsay Grant, in a Party statement released on Tuesday. 

Analysis provided by the Jamaica Observer, suggests that the region is projected to outperform the world economy at 4.5 per cent on average, over the period. However, despite the favourable performance of the region on a whole, as compared to the world economy, St. Kitts & Nevis will remain at the bottom of the table in economic growth and will underperform, despite the fact that the global economy has gotten better. The St. Kitts & Nevis economy will grow almost 15 times slower than the world economy, according to the report. 

According to the World Economic Outlook Report Table A4, Emerging and Developing Economies: Real GDP report in 2010, St. Kitts & Nevis had a negative growth rate of 1.5% in 2010 and is projected to have the lowest in 2011 with .5% and the lowest in the world in 2015 with a .3% growth rate. 

“The economy is not working in St. Kitts and Nevis, but beyond stating the obvious, what the IMF data shows, is that even without being able to blame the “global economic crisis” Dr. Denzil Douglas, as Minister of Finance, has been and will continue to be an unmitigated disaster,” said Mr. Grant. 

Grant further opined, “The most critical failure of the management of the economy under this Labour government has been the reckless accumulation of debt. With a National Debt to GDP ratio at over 180% St. Kitts and Nevis is going nowhere fast. The attitude of Minister of Finance, Prime Minister Douglas and his now infamous “public debt me ass” statement, has left the people holding the bill, not just VAT, but almost no realistic prospect for growth over the next five years.” 

According to the IMF World Economic Outlook, “growth in most of the Caribbean countries will be subdued, amid weak prospects for tourism and remittances and limited room for policy support in light of chronic public debt burdens.”

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