Government of St. Vincent and the Grenadines is not doing enough to stimulate the economy of this country.
Posted in News and Sports on 03. Apr, 2012
The Government of St. Vincent and the Grenadines is not doing enough to stimulate the economy of this country. These were the sentiments expressed by PRO of the New Democratic Party Ernesto Cooke while speaking on the NewTimes program earlier today.
Cooke stated that the Ralph Gonsalves led ULP administration has been found wanting in terms of implementing measures to boost economic activity here. He noted that for the year 2011, St. Vincent and the Grenadines registered a negative economic growth rate of 0.4%, while adding that the situation will get worse as time progress.
Cooke pointed to the state of the National Insurance Services, which has shown a decrease in active contributions last year, indicating higher levels of unemployment in SVG.
The NDP PRO added that there is an increasing number of Vincentians, especially young people, who have proper qualifications but still cannot get a job. Cooke said this has led many young people to become frustrated and resort to illegal means of making money.
Cooke referred to the IMF reports for 2011, stating that the sad of the economy in this country is in complete contrast to our neighbouring Caribbean countries, which have all registered positive growth while SVG had negative growth.
He disclosed that the IMF said unlike other Caribbean territories which entered the world economic crisis with strong public finances, SVG entered with deficits, which has resulted now the public debt has risen. In contrary to what is being said by people on the Government’s side, SVG is not doing better than our counterpart countries.