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St. Kitts and Nevis Information
Economic Activity in Eastern Caribbean Projected to Increase in 2011
2011-02-22 13:49:39 by
The 69th Meeting of the Monetary Council of the Eastern Caribbean Central Bank (ECCB), recently held at their headquarters on St Kitts, ended on a positive note.
"Economic activity in the Eastern Caribbean Currency Union is projected to expand in 2011 in most member countries with all major sectors, except agriculture, expected to contribute positively to growth. In 2012, all member countries are expected to record positive growth, consistent recovery in the international economy.?
As reported by Caribbean360.com, "The Council noted that a moderate growth in economic activity is expected in the near-term with real growth of 1.9% projected for 2011 and extending into 2012, when activity is expected to increase by a further 2.8%. Notwithstanding, external demand from traditional trading partners is likely to remain subdued with tourist arrivals and private capital inflows in particular, projected to remain below pre-crisis levels. Inflationary pressures are expected, particularly if the recent increase in commodity prices is fed through to a generalised increase in consumer prices. The real effective exchange rate is forecast to remain at current levels.?
The Council agreed that the focus of monetary policy should remain the protection of the stability of the financial system and the maintenance of the credibility of the currency to support economic recovery.
"Economic activity in the Eastern Caribbean Currency Union is projected to expand in 2011 in most member countries with all major sectors, except agriculture, expected to contribute positively to growth. In 2012, all member countries are expected to record positive growth, consistent recovery in the international economy.?
As reported by Caribbean360.com, "The Council noted that a moderate growth in economic activity is expected in the near-term with real growth of 1.9% projected for 2011 and extending into 2012, when activity is expected to increase by a further 2.8%. Notwithstanding, external demand from traditional trading partners is likely to remain subdued with tourist arrivals and private capital inflows in particular, projected to remain below pre-crisis levels. Inflationary pressures are expected, particularly if the recent increase in commodity prices is fed through to a generalised increase in consumer prices. The real effective exchange rate is forecast to remain at current levels.?
The Council agreed that the focus of monetary policy should remain the protection of the stability of the financial system and the maintenance of the credibility of the currency to support economic recovery.