OECS continues to grapple with low economic growth, high debt

debtMember states of the Organisation of Eastern Caribbean States (OECS) are still grappling with low economic growth, persistent fiscal deficits and rising debt levels, Governor of the Eastern Caribbean Central Bank (ECCB), Sir Dwight Venner, has said.

Delivering the 2013 Economic Review of the sub-regional grouping on Tuesday night, Sir Dwight said it was evident that 2013 had been “another challenging year for the Currency Union” with high unemployment and poverty rates and some fragility in the financial sector.

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28 Comments

  1. awa wi
    January 31, 2014

    doh look like skerro get d memo on debt na. lol. dat boy dere taking loan like there is no tomorrow but according to tim tim doh worry man dey will jus forget us n write us off as bad debt.lol Dca is really d bes boy! fools paradise if there ever was one.

  2. joy
    January 30, 2014

    I’m glad sir Dwight ,wasn’t speaking about Domininca alone but the OECS on a whole. The whole region is struggling ,Dominica Is not in the worst position ,there are other countries worst off.We only have to work together to try to make things better ,any stop tearing down each other.

  3. truth
    January 30, 2014

    in the last days ,men will call evil good and good evil AAlas,
    dominica is doing better now where some people can eat than when everybody could eat

  4. john bess
    January 30, 2014

    Dominica could have been a paradise but that parasitic government is sucking all its resources dry,so sad.I voting uwp again,i tired of that labour pain.

  5. Ma Doris/La Plaine
    January 29, 2014

    Guess with esteem leadership of UWP will and know how to create 5-7000 jobs in three years but are unable to assist LIME from laying off 27 employees.

    From all I see the Esteemed leadership thinks 27 is more than 7000 hence their inability to assist the desperate employees of LIME.

    • Rastafari
      January 30, 2014

      UWP, DLP, DFP do not OWN Lime, nor do have the ability to restrain a private company from hiring, laying off, or firing its employees. Blah, Blah, Blah!

  6. shaka zulu
    January 29, 2014

    Skeritt for governor of the ECCB!!!! Dwight dont know nothing bout generating revenue. Economic growth has been better in dominica than most. Who cares about debt. Leave it for the next generation, have your kids abroad so it will not be their problem. To hell with those who cannot leave.

    Skeritt should write a new financial book. Begganomy the secret to getting grants and loans from authoritarian governments.
    Tell them what they want to hear, don’t look them in the eye bur make sure they know you support there most sensitive policy an see how the love pours in the OECS

    • Gary
      January 30, 2014

      Why are you trying to be sarcastic in denying the truth.You have said such nonsense, quote “Skeritt should write a new financial book.Begganomy the secret to getting grants and loans from authoritarian governments” I would like to ask you have you ever thought what would happen to our Country if there was no “Begganomy secret” can you honestly say that Dominica did not benefit from grants and loans from China, oh, and regards to your silly reference about grants and loans from authoritarian governments. Why does the US depend on China to buy it’s bonds, Why does The US buys Oil from Venezuela,is the help of authoritarian governments good for some economies and bad for us,tunnel vision will get you nowhere.Have you not heard about what is happening in Barbados with all the Public sector layoffs.Have you not heard of The Government of St. Vincent is struggling and made an announcement they are going to raise taxes.Have you not heard of the praises given to The Government for it’s prudent fiscal management.Have you not heard about the announcement made by Clear Habor that they are going to employ 400 people.I’m not saying that things are a bed of roses in Dominica, it would be foolish to believe so but when you make foolish sarcastic comments denying the truth it does not say you are right.

      • sz
        January 30, 2014

        When all the debt become due you will tell me who will be raising taxes an shrinking the public sector. Henry christoph built a citadel in Haiti when the countries production in private sector was zero. Infrastructural development should come with production and growth in the private sector. Just as haiti was made poor with more government debt and no productivity so to we are heading down the same path foresight and wisdom can tell me and as the governor put it debt and lack of productivity in private sector will keep us struggeling. Hard times lead to inovation. Handouts is not part of it.

        If you call my observation narrow sighted then that’s your opinion. I love my country first and right now the present gov is doing a bad job. If uwp comes to power and after 10 years there is no turn around i will be the first to ask them to leave. Keep on letting your opinion be blinded by the love for the reds. Its like a mom who has a kid that steals but defends him when he is called a thief.

      • sz
        January 30, 2014

        By the way the US does not rely on china to buy bonds. China buys us bonds because it is the safest form of investment in the world backed by a financial institution and a political system second to non.
        secondly the US is doing venezuela a favour by buying their oil. After all it was the US that started their oil industry. Now they cannot even order toilet paper but want to start and manage a NWO. If that is not a joke to you then i say no more

      • Gary
        January 30, 2014

        To sz

        To say that The US does not rely on China to buy bonds is such a foolish statement.Do you know if China stops buying US bonds or decides to sell even a small portion of its position, prices would fall and yields would rise. The result of higher rates,in turn,would likely be slower economic growth and higher borrowing costs for the US, Plus you have to remember the reason why The US is selling bonds in the first place is to raise money so basically China is loaning the US money when they are buying bonds.

        In regards to Venezuela you sound very naive and arrogant not understanding international Politics and trade.If the US is doing Venezuela a favor by buying it’s oil why are the US Corporations working behind the scene to control which Government Governs Venezuela.Do you know that Venezuela is the Fifth largest oil exporting country and holds The largest oil reserves in the world and yes, it is strategically located close to the US isn’t that why the US has a vested interest in Venezuela and why is it wrong for Venezuela to make money selling commodity the world wants, it is nothing about favor. Why would you believe and say such nonsense saying that Venezuela cannot even order toilet paper is this really true.

        Why is it wrong for a Country to create an alliance to help the less fortunate countries sharing a commodity it has in abundance the world needs.Well if ALBA is not properly managed them why are all these Countries flocking to join and be part of such alliance.You have said nothing that make sense and if any one is joking it is you.

      • Gary
        January 30, 2014

        To sz

        Wow, your reference regarding Henry Christoph in Haiti is again foolishness.Do you know the history of Haiti and why that country suffered such debt after being one of the most prosperous countries producing sugar cane.It was all because they through out the French and took control of their country and had to pay restoration money to France coasting them billions of dollars,on top of which they had an embargo placed upon them.

        It seems to me you did not read properly what Sir Dwight said.The private sector in the region should invest more in exporting ventures to earn income from exports which in turn helps the country’s.Their investments is based to much on retail, wholesaling, and real estate, they are importing to much, that is not the the fault of the Governments. You talk about hard times, Hard times lead to innovation,Handouts is not part of it.You tell me the economic crisis that the EU countries are facing what is saving them is not handouts and bailout from central banks,where is the innovation.Is not the same in the US, where is the innovation from the banks that went belly up.

        Did you also know that when The UWP was in power they bankrupted the country and left a burden on the in coming Government.Yes I to love my Country,why would you want to wait ten years to prove the UWP was the wrong Government when all the time they are showing signs that they are not competent or ready right now to form the next Government isn’t that a sad way to prove something.I’m not blinded by the love for the reds as you think.Yes we have different opinions, but facts and reason can do a lot to give credence to opinions and that is what I try to do with my opinions.

      • sz
        January 31, 2014

        Gary lets be real. You realy believe that china has so much in us bonds that if they sell the us will suffer financial breakdown. If that is the case then the us is not the world superpower. The percentage owned by china though larger than most is a tiny fraction. What you are saying is that china today can bring down us financial system. You realy think the US that stupid.

        You know so much world politics that you apparently have inside info as to the behind the curtain dealings of US companies in venezuela. Guess you were so busy you did not hear about the shortage of basic needs including toilet paper . At least the us can pay for its oil which has sustained venezuela economy for ages. Why is the caribbean not investing in bonds and securities in venezuela and china. Instead the alba countries like dominica cannot pay for the fuel they were given. In the name of helping poorer coubtries we are being used as chips in regional influence which historically never works out for small islands. Why did venezuela or china not allow those countries to invest in thier oil and other industries where they can reap profits. That woul have helped much more than the status quo.
        The fact remains our leaders borrow excessively ti fullfill short term goals (re election) and have no vision for the longterm sustainable development of our country. Keep trying to compare the deeds of the US to Dominica. One jet fighter is our budget. I

      • Gary
        January 31, 2014

        To sz

        You are such a joke, your quote “The percentage owned by china though larger than most is a tiny fraction. What you are saying is that china today can bring down us financial system. You really think the US that stupid.” Do you know the total amount of treasury US Bonds China owns, $1.317 trillion.There is so much more I can debate with you, but I got to go. Thanks for your time I enjoyed it,even though we both have our differences of opinion,regarding our country.

  7. sense
    January 29, 2014

    That will be fixed with the building of a new airport,high speed ferry and national airline also jobs for 5000!

    • Stress Release
      January 29, 2014

      :mrgreen: :mrgreen: Dominica politics killing me

  8. Voice
    January 29, 2014

    hahaha…well what is expected wid di kinna leadership in place? eh?

  9. Rastafari
    January 29, 2014
  10. Morihei Ueshiba
    January 29, 2014

    If you have food in your fridge, clothes on your back, a roof over your head and a place to sleep you are richer than 75% of the world.

    If you have money in the bank, your wallet, and some spare change you are among the top 8% of the world’s wealthy.

    If you woke up this morning with more health than illness you are more blessed than the million people who will not survive this week.

    If you have never experienced the danger of battle, the agony of imprisonment or torture, or the horrible pangs of starvation you are luckier than 500 million people alive and suffering.

    If you can read this message you are more fortunate than 3 billion people in the world who cannot read it at all.

    Be grateful for what you have, not what you don’t.

    • Student
      January 30, 2014

      My friend, while this is certainly true I want to direct you to Matthew 25:14-30 – The parable of talents.

      When we are given more, we are also burdened with the responsibility to work towards an increase. If we sit and say that we are fine, and need not aspire to higher heights, then as the world changes we may be left behind. Our situation may worsen (and forgive me if you disagree but I believe it is happening right now) and this is not something that we should allow to happen. Always be mindful of the unpredictable future.

      Just my two cents.

  11. way papa 7k jobs lol
    January 29, 2014

    So Fromtaine , Tomson knows more economics that Sir Dwight look BOWDEL PAPA workers really Pwee with their voodoo economics and 7000 jobs and 7% economic growth rate but who they fooling nuh. They think we 18 to 3 dounce nuh!

    • JustAsking
      January 30, 2014

      I wonder why he is not at he IMF

  12. Gee.
    January 29, 2014

    With such an address from Sir Dwight Venner, for Dominica to however be in such a position that it is, that is, a great reduction in poverty, a stimulation in our economic growth, a great reduction in our debt level, etc. clearly doing better than most of our sister islands of the OECS, surely that’s a sign of good governance. I want to appeal to the government of my beautiful Dominica, under the leadership of such a visionary leader, to keep doing what you are doing in order to put Dominica in even a better position and to thank you for all the development and progress that you’ve brought and continue to bring to the Nature Isle. Well Done!

    • looking
      January 30, 2014

      Sister or Sir economic growth has been very minimal and sometimes negative for decades now. These are the facts. National dept has grown from 300,000,000 approximately to over a billion. It pays to read the facts

  13. skerromado
    January 29, 2014

    and yet fellars still taking loans and cabinet not aware…

  14. Mexican
    January 29, 2014

    Dwight Venner forget to mention hat Dominica is doing the best in the OECS.

    • ....................
      January 29, 2014

      @ Mexican Yes we. With poverty at an all time high, you cannot have neither breakfast, lunch nor supper. With you having to grovel on your belly at the Red Clinic to beg for money to buy bread, With you having your Cable TV cut of, your electricity cut off because you cannot pay. Yes we Dominica is doing fantastically well we. With you covering your face at the Red Clinic, with you begging people on the roadsice for a dollar, with you not having a proper place even to live. INDEED DOMINICA IS DOING VERY VERY WELL INDEED.

      • Anonymous
        January 30, 2014

        You doing fine. You on your computer blogging. If you was hungry you would be looking for food.

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