Preliminary data indicates that economic activity in the Eastern Caribbean Currency Union (ECCU), of which Dominica is a part, has contracted for a fourth consecutive year in 2012, President of the Eastern Caribbean Central Bank, Sir K Dwight Venner, has revealed.
He was speaking during a presentation of the 2012 ECCU Economic Review on Tuesday night.
“Real Gross Domestic Product (GDP) is estimated to have declined by 0.1 per cent, compared with an average contraction in the previous three years (2009-2011) of 2.2 per cent,” Venner said. “This out-turn reflected lower output in key sectors such as, construction, transport, storage and communications, and sluggish growth in the tourism industry. Value added by the construction sector contracted by 5.6 per cent, following an average decline of 13.3 per cent in the previous three years.”
Tourism, a key driver of growth in the region, has not done very well in the past couple of years. “The weakened performance of the sector was partly due to reduced demand, attributable to higher airfares for regional travel combined with reduced airlift out of the USA, to at least one territory in the Currency Union,” the central bank boss said. “The cruise ship sub-sector was also challenged by increased competition from other destinations, resulting in a reduction in passenger arrivals, consistent with the fall in the number of calls, as some member countries were taken off the itinerary of the major cruise companies.”
Venner laments that the ECCU, and the Caribbean on a whole, has lost its competitiveness in many areas. “To put it bluntly, we are being left behind in a very competitive world in which countries, both advanced and developing, are having to make significant adjustments to remain competitive,” he stressed.
He noted that the region is vulnerable to many “external shocks” which are having a significant impact on the economy. “We are extremely vulnerable to external shocks and natural disasters,” Venner said. “External shocks come in forms such as the global recession; but others are; increases in oil and food prices, interest rates, trade barriers or the reduction or removal of trade preferences. In addition, natural disasters hover around us for the latter part of each year in the form of devastating hurricanes.”
Moving forward Venner said consensus is needed among political leaders in the ECCU, both in government and opposition, to move the region forward. “Consultations with the citizenry throughout the length and breadth of the OECS are then required to arrive at political and social consensus on our goals and objectives,” he noted. “We must seize it or run the risk of being left behind in the global community.”
dwight need to cornrow that, or grow locks or cut that…cus…that 70’s movement black power look aint running it no more..
While a few “Big Boys” “Elite Class”, “Priviledged few,” become richer and richer, the majority getting poorer and poorer, with no power to do anything about it.
The few with their economic and/or political ‘power” are trampling on the rights of the majority to live a decent life.
Even if they have failed to manage the affairs of the country efficiently, they receive hefty pay, perks, concessions, kick-backs, deals upon deals. They protect themselves to the max from prosecution.
A new form of slavery is in operation in the Caribbean. A new-Colonialism aimed at continued exploitation, oppression, control of institutions for Massas selfish motives. What we are witnessing is Black leaders doing the biddings of Massa. Enriching themselves, short-sighted, not-in-tune with the times, total mistrust of the people.
Those leaders dictate instead of allowing participation. Secret deals unravelled point to corruption, illegalities of all sorts, yet no justice for those Few. Corruption in high places is opium for the people’s of the Caribbean. It spills over to all sectors crippling the development of the nations. The calypsonian puts it simply, “We kian eat concrete.”
Venner said more taxes. But he needs to revamp the central bank. Too top heavy, cut salaries. Then Govt cut ministries, representatives overseas. Foreign exchange policy needs rethinking. The Banks need overhauling, too high interest rate. Need more efficient Govt. Too much run around, unless you know someone personally. Too much lands lying idle. etc etc.
We paying dem fellas 15% of our money, then another 30% at the end of the year and they cannot even manage an economy, some people worthless boy!
for the oecs to move foward a nd be able to compete with the rest of the world we need to:
1. stop voting BROKE,ingorant n uneducted people into government.
2. the christian council hav been one of the greates barriers to economic development,(peopl need work n the church provid very litle) so i suggest that they should not be included in such affiars.
3. start to think out of the box, move away frm the traditonal way of thinking, its not workin anymore.
etc.
I love it!!!!!
Million thumbs up!!!!
People will vote for the one with whom they feel they can relate. Clearly Dominicans relate better to broke, dishonest and ignorant so thats what we look for in our leaders and will vote for that.
Look at a country’s leader and you will see the people.
BRIDGETOWN, Barbados, Thursday November 15, 2012 – “Make no mistake about it. Our region is in the throes of the greatest crisis since independence. The spectre of evolving into failed societies is no longer a subject of imagination. How our societies crawl out of this vicious vortex of persistent low growth, crippling debt, huge fiscal deficits and high unemployment is the single most important question facing us at this time”. That is not an assessment of the Caribbean Community (CARICOM) to be taken lightly. It is an assessment by a Caribbean Prime Minister who has also had the advantage of serving as Legal Advisor to the CARICOM Secretariat.
Dr Kenny Anthony, the Prime Minister of St Lucia, delivered this appraisal to a meeting of the Barbados Chamber of Commerce and Industry on October 31.
Read more: http://www.caribbean360.com/index.php/opinion/635226.html#ixzz2JTlDRFWh
Yet he is busy giving his friends large salaries and contracts that yield nothing. All these arrogant politicians can do is talk lots of nice words whilst robbing the people.
wow! we have his twin brother running Dominica. lol:
So really what is the way forward that we have to agree on? Who is going to put concrete suggestions on the table and what mechanism are we going to use to arrive at consensus on what we need to do as the OECS? Will the opinions of young person’s be heard? We are the most vulnerable group in this current predicament.
The governments of the OECS are still concerned mostly about their petty internal politics and have not been able to implement any major initiative that will bring collective benefits to all citizens of the OECS.
Governments and oppositions cannot agree on any issue of national or regional interest. And while they debate aimlessly we continue to become less competitive in every single sector, thousands of young people continue to be unemployed or under employed and we blame everything on outside forces.
While we are vulnerable, no hurricane or global recession is responsible for us not cooperating and developing plans to address those very same problems. It simply a matter of selfishness and over inflated ego’s that continues to keep us in this state of continuous regression.
I honestly believe that current leaders have failed this generation and have are just shy away from condemning those who come after us to a life of poverty and destitution. SHAME ON YOU
http://www.caribbean360.com/index.php/opinion/635226.html#axzz2COuaVoVW
Keep burying our head in the sand is our best course of action !!!!!!
We could begin by cutting costs, which has hardly been mentioned. The OECS includes six independent countries with a total population of some 600,000 souls, yet boasts six sets of governments, parliaments, prime ministers and a whole retenue of people employed at the expenses of the public purse, an expense that we no longer can afford. We are stiffling the development of our economies
with high taxes that only add to our uncompetitiveness. If we don’t have a radical rethink and come of our high horses I foresee both a flight of capital and people. We should realize that nobody owes us a living and if we don’t wake up soon the rest of the world will pass us by, leaving us in decay and isolated self-delusion, with palaces but no income.
I must applaud you on this comment as you seek to deal with the root cause of the problem. We are a top heavy society … dots in an ocean of insular little minds clawing at our few grains of sand like the thief to his loot … alas
Well thats where we will have problems as the average Domincian does in fact think the world owes us a free ride and varying degrees of this “niggeritis” thinking exist throughout the OECS. As long as the general mentality is “is for china and america to pay for it and leh we go red Clinic” then government will not be forced to make changes. You forget what Timothy said PUBLICLY about the state palace? that its likely China will not expect us to pay back the money so its ok for us to spend the money and build it? This from your FINANCE minister and Dominicans cheered.
Hopefully the next generation will be smarter and will have enough pride although being raised by those who arent and dont, I’m not sure how the next generation will get better.
Haha Nice Speaking but their are no stern guide Lines…
Listened to Him last evening..but in fact the Caribbean has Major issues…
Direction,Common Goals,being a United Force etc..
Our Education System need to be re vamped if We Have to be up to par with the others in the Global Village..
We Completely Lack the ability to Discuss across Political Lines, too many things not in Proper Order in the Caribbean..Honestly Don’t see it Happening..
So what can governments of the OECS do to remain afloat and relevant in today’s global economy, sir?
For starters:
1. Stop stealing AID and tax money
2. Stop squandering millions of dollars on pointless useless white elephants so they can redirect that money into sustainable revenue generating job creation projects.
3. Invest heavily in skills training specific to the country’s needs so people can actually find/create work and earn money.
4 (but really #2) stop selling off the valuable resources of the islands for personal gain and/or cheaply, to entities who do not give a shit about the interests of our islands long term health.
Not very often I agree with you Anonymous but you are right on cue here. Our forefathers were shipped over here in bondage over thousands of miles of ocean only for us to find ourselves in bondage again. We are still sold down the river by our own kind for baubles to feed a few egos in return for fat off-shore accounts. Did we learn anything? If we want to be respected we should first start to respect ourselves.
but but but but but Im anonymous! and there r plenty anonymouses so how is not often you agree or disagree with me? Teehee that’s funny
So what measures has the Skerrit administration taken to make DA more competitive? Apart from the State Palace of course.
stupes