New Governor of the Eastern Caribbean Central Bank (ECCB), Timothy Antoine has announced that Dominica’s economy will see a significant growth of 3.2 percent for 2017 and 2018.
Antoine, who is presently visiting Dominica made that announcement during an engagement with the media held at the ECCB Agency Office at the Financial Center on Wednesday.
According to him, Dominica’s economy grew by 1.7 percent in 2016 after recovering fromTropical Storm Erika and that number he said will probably change when additional data is received.
“For 2017 and 2018 we expect 3.2 percent, so the projection at this stage is that the Dominican economy will grow by 3.2 percent this year and again by 3.2 percent next year,” he noted. “And we believe based on what we have seen so far that it is quite possible that it can meet those projections.”
He noted that the ECCB’s target for member states is five percent and in 2015 only two countries hit that target: Greneda (5.2 percent) and St. Kitts (5.9 percent)
“What happened in Dominica? Well I think you know in Dominica, Dominica actually contracted by 2.5 percent, but you know what, before Erika we were going to grow by 2.8 percent,” he stated. “Of course that’s still not five percent, but it is moving in the right direction. It is getting higher; we want it to get at 5 percent.”
He explained that, “five percent allows us to see more job creation and a reduction in poverty.”
He stated also after Erika the Dominican economy declined, overall, by 2.5 percent.
“That’s the power of a natural disaster,” Antoine remarked.
This is a case of ‘YOU SCRATCH MY BACK, I SCRATCH YOUR’S’
If the ECCB Boss is coning to Dominica on such a mission,shouldn’t he have a press conference so that the press can ask him questions.
If the ECCB Boss is coming to Dominica on such a mission, shouldn’t he have a press conference so that the press can ask him questions.
Boss man u damn lie.. I not an economist but my teacher told me that where there no production there is no growth.. What is dominica producing?? Kubuli bear and toilet paper? No factories . what bout technological inovation.. What aboutventrepreneurship? Incom per capita is low… Boss that country never increase in GDP easy like that… You people tired fool poor people … How can u increase in economic growth and therr is a widenin g income inequality in that country??? Happiness vomes with economic growth.Freedom comes with economic growth.with economic growth u have an jobs.. Bossman tired lie for domini an people. What have skerite done for doninica? U can see the povertY even in our institution of state. Look at the police and teachers suffering under you guys feet..Skerite have further in Impoverish these hardworking people.. How has Dominica seen economic growth? Look at roseau like a slumb.. Wherr the roseau enhance project? In the only growth is in you politicians pocket!
God thinks the EC dollar is an abomination in Deuteronomy Deuteronomy 25:13-16, and Proverbs 11:1 If Jesus was alive today he would want to abolish the Eastern Caribbean Central Bank.
The only thing I predict that will grow in Dominica in 2017 is grass….
Moi mort… you bet grass… lol…
hahahahahahahaha
good one
This why I don have respect for these ECCB Bosses.
If you are going to provide this statement to a country then the responsible thing is to at least say what are the grow sectors or pillars driving this growth and the forecasted future growth.
Reasons:
1. Then Dominicans would know were to look for work, get necessary training for the sector and other may want to invest in this sector
2. We would also be able on the ground to authenticate the report base on sectors claimed to contribute to this growth..
I’m not saying I either doubt it or believe it, but it would be helpful if there were a link to a comprehensive report that explains the reasoning behind this projection.
So true, very good observation. Unfortunately this bunch of corrupt Labour party Government are not down to this thinking. Their focus is not n the best interest of Dominicans and Dominica but themselves.
Steve, guess who told him to say that?
C’mon, guess?
The first name begins with R and ends with a T for the family name.
Our leader is far, far more powerful that you give him credit for!
Dno instead of posting all these new articles why don’t you post all the old articles where they lied about growth in dominica.
Good news for Dominica, have got all them mad dogs barking woof woof woof poof poof lawim coming from you guys mouths Salop
Will that forecast give you money to put food in your mouth? no? Well keep biting your dog then!
Governor Antoine, is Dominica able to issue any bonds today? would there be any takers? I love my country but I cannot find any credit rating from a reliable agency that I could trust. Are we too, small, or too poor to be even considered? You see Sir, I understand you may want to defend our government because not doing so could have a negative effect on your own institution but you know what, I’d rather live with the hard facts, the unambiguous truth.
If that man have to start his new job in that fashion his legacy will not be one to admire, thanks mr. governor please, please sir keep this advice for UR. self don’t come with that kind of diversion, it’s not because we are the most daff nation in the world that U have to just do that kind of job for the oppressors of D/ca
If U were to tell that to the other Caribbean island and they were to in our situation they would run U from their country, it’s only D/ca U can vent this garbage
I’m not an economist, but shouldn’t there be investments taking place to result in growth? What investment taking place in Dominica?
All the projects, including the new bridge and hotels contribute to this growth but unfortunately it does not necessarily create employment for locals or puts spending money into their pockets. If Chinese contractors bring in their own, cheap labour our people do not benefit, yet the value of the foreign contractors output contributes towards gross domestic product. I am all for growth but if our people can not benefit from this directly we are on a road to nowhere. The hotels for instance can import all their material and equipment duty free (incl vehicles), pay no tax on profits for some twenty years and are not obliged to keep that money in our country, they are free to repatriate that to wherever they want. ask yourself, how many of us benefit from that. And how many fishermen, farmers can supply these hotels. they have to offer international standard food and beverages on a regular basis and will have to import a lot of that. Is that good for us?
All of asudin after that CBS interview all kinds of projection in growth he dam lie just trying to help he’s buddies lol
Where is the data to make such claims
This demented (my personal opinion, not based on a medical determination) person is a totally brainwashed by the foreign owners of the ECCB.
Tell us Mr. Antoine, how is that the ECB which controls the monetary policy of its members states is 100% privately owned by foreigners? Can you explain that?
Well first explain that and then give us your cr*p about Dominica’s growth which is 100% reliant on CBI sales.
You have been well-briefed by Dr. Skerrit my friend.
You wouldn’t have a clue what the … he is talking about even if he explained so I don’t think he should waste his time explaining anything to people like you lol
Of course he wouldn’t.
Then you, Mr. Monkey No Name Brains, tell all of us who owns the ECCB and answer Jenny’s questions.
Go one, tell us…
Governor,you really sound like an …… I don’t know where you got your degree from (maybe Punjab)but there’s no basis on what talking about.
This country has no exports,no jobs,no infrastructure, no nothing how will the economy grow? Foolish.
Skerit must have sent you.
Well, well, well!!!
Migration sky high.
Tourism stagnant.
Agriculture in the grave yard
Manufacturing in shambles
And we will grow by 3 whatever percent????
Soocoo!!!!!
Maybe so Governor Antoine but we are not all stupid. That growths maybe reflected in the country’s GDP but not in the average’s person’s pocket. What the ordinary man and woman are interested in is the buying power of their net salaries and wages and that declined dramatically, in fact it is awful.
Sorry sir, i think you are off point fully..
if the Middle Class hasn’t gotten a increase of salary and jobs open up on a sustainable level their will be no growth….
the cabinet is way too large sir, so it won’t work…it’s sad that these so call smart folks don’t get the reality check of things…plus this Labor regime isn’t transparent thus nothing they attempt will flourish…it’s all a deception spin to fool a dunce and highly ignorant society which exist in Dominica…
We need to do some math here..if the economy contracted by 2.5% in 2015 and grew by 1.7% in 2016 after recovering from Erica (Have we really recovered from Erica…bailey bridges, broken roads etc.,) aren’t we still at 0.8%? Now we are projected to grow by 3.2% for both 2017 and 2018. The article does not state on what factors these projections are based, are we to assume that this projection is based on the sales of our Country’s passports as it is the main revenue stream reportedly making up to 40% of our national income? Or are we to assume that the Government in the person of one (very stubborn) man has finally decided to diversify and to put some teeth behind our internal growth engines such as manufacturing, agriculture, construction, export and fisheries? I just love these projections that are thrown out there with no evidence or basis. It shows how many people view us Dominicans as a slow and gullible people who just swallow the bait and move on. Shameful!
I concur with the comment because I would like to know from what are we going to raise these percentages the new governor mentioned , does that refer to the selling of passports because we haven got anything else happening. We were told if not passport what else , so what Antoine is referring too because passport is not a product .
The Government doesn’t seem to get it so if he is in a position to reach out on a one on one level with the administration encouraging them to invest in the Island instead of rolling out a list of projects they are going to do but never did just to hear themselves speak .Dominica and Dominicans need to get moving forward but we are at a stand still for now .
The ECCB governor is lying? He is using natural disasters as a scape goat for the slow growth in Dominica. All the OECS countries doing better than Dominica. Everything is in decline in Dominica and now trump is going to stop passport sales, so how u going to have 3.2%.
Be kind to him.
He is only one black man betraying his black countrymen in the Caribbean fo a few bucks by serving this foreign bosses who are the private owners of the ECCB which is an organisation that CONTROLS the monetary policy of sovereign nations in the Caribbean. A total disgrace.
WHY ARE WE BEING RULED BY FOREIGNERS?
Wow St.Kitts doing well 5.9%
Well maybe you should get your to St. Kitts and don’t come back.
Very well, civil servants got double salary in December 2016
If you were paying attention you would have known that this is nothing new; lived there 15 years ago and that was already happening under Doggie’s government.
These professionals must learn to put their economic forecasts in perspective that the general public and those not economically inclined understand clearly and in a practical way what this forecast means and how it may or may not affect their pockets. Where is this 3% growth, what impact it really has on the economy long-term? Is this a stable growth that will created equally 3% increase in jobs? Is this growth mainly at the business sector, middle class, permanent workers and will it reach the poor and marginal families, who struggle daily? Or is this just a nice political statement to make some incompetent government feel good., meaning are they able to interpret it.? Our government is certainly blind and incompetent to social and economic forecasts let alone able to have a meaningful economic plan and forecast for Dominica. This Corrupt Labour government is extremely incompetent, lacks credibility, do not understand visible poverty today starring at their eyes let alone forecast…
please tell us where the indicators are… i can only see two place, sale of passports and exportation of hatians and santo dominicans.. the government have destroyed our economy.
It’s a projection I hope is exceeded for love of country. I must add why can’t there be a more detailed explanation in terms of what sector is expected to see growth and what trends are observed to make those predictions. Similarly, what sectors were hit hard by TS Erika the hardest to cause that 2.5 percent decline. Prior to tropical storm Erika I know we did not meet our mark and had -ve growth. We know that the Caribbean has hurricanes every year and by now should be able to calculate an average annual loss on economic growth as a result of hurricanes and factor that into predictions. Although after a disaster financial aid and reconstruction should add to economic growth but it seems to lag behind in our country. Some of us have mental capacity for more than was mentioned above and would like to see a little more in depth info if making such a bold prediction. Enough said.
artificial growth garnered by the government such growth is not sustainable…. the citizens need long lasting and permanent jobs
Really????
……Where?
……How?
…..With what?
…..On what basis?
….How do we measure that forecast?
Not in this DLP Dominica!!!
Weeelll, that’s just a projection Antoine. And since you have omitted to tell us what exactly would drive the economy to grow by 3.2%, I’m not going to hold my breath.
Well done !