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We do not manage failed economies in the Caribbean, says PM Anthony

By West Indies News Network

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Prime Minister of St Lucia Dr Kenny Anthony addressing the media at a press conference after the opening ceremony of the CGF.

WINN – We do not manage failed economies in the Caribbean, but broken ones and we just need to pick up the pieces. That was the sentiment of the prime minister of Saint Lucia Dr Kenny Anthony while addressing the opening ceremony of the World Bank’s Caribbean Growth Forum on Tuesday morning.

“We need to dispel the widespread view that we are all managing failed economies. I do not subscribe to that perspective. These economies may be broken but I believe we can pick up the pieces. I believe that our historical task is to conceptualize, shape and define an economic model that answers to the times and to our needs,” Anthony said.

“So, challenge yourselves, our development partners and the esteemed panelists to develop a new phase which builds upon the successes of the last CGF, and learns from its shortfalls. Now is the time to discuss. Now is the time to decide. Now is the time to act,” he added.

The Saint Lucian prime minister noted that Caribbean countries have faced a decline in economic growth dating back to the 1990s and which worsened in the world recession years from 2008. He said in the post financial crisis period, even as the economies of the region’s major trading partners began to recover, all Caribbean countries have experienced decelerated foreign direct investment (FDI). Countries especially in the Eastern Caribbean Currency Union (ECCU), he noted, have been most negatively impacted by the global financial crisis.

“My simple point is that there has been no shortage of analysis on these issues. What eludes us is agreement on the solutions and consensus on the way forward,” he said.

“Frankly, we have little time. Our people are becoming impatient even as they lack the will to subscribe to the very reforms that are so necessary to a different future.

“Therefore, our gathering in Saint Lucia for this third region workshop is a further step in both identifying solutions to effect change and building national and regional consensus on these proposed solutions,” he continued.

He suggested the forum, when it started three years ago, produced results for Caribbean countries, but particularly Saint Lucia.

“The launching of the forum three years ago initiated dialogue between representatives from business associations, civil society organizations, government, private sector, and international development agencies on growth and development in the region,” he continued.

Meanwhile, vice president of the Latin America and the Caribbean Division of the World Bank, Jorge Familiar, is expecting some tangible benefits from the forum. He identified some choices he said Caribbean countries have to make to help resolve the issue of low economic growth in the region. One of these areas is that of trade and solving limited connectivity among the countries.

“Movements of goods and services between islands are limited. Caribbean maritime connectivity remains low compared to other small island economies (WB’s Logistics Performance Index average score between 2007-2012 is lower than in other regions: 2.40). Coming to St Lucia, we have all experienced the challenge of limited connecting flights, even for those of you who came from a neighboring island,” Familiar said. “Improving connectivity through air and sea could unlock the potential for tourist’ island hoping and facilitate intra-regional trade.”

Several representatives from the media, private sector, government and community groups are at the forum where issues pertaining to economic growth and innovation in business are being discussed. From St Kitts and Nevis there are representatives from St Kitts and Nevis including Cosbert Manchester, two officials from government ministries, executive director of the HTA Kaloma Hamilton and tourism consultant Roscita Jeffers.

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This article was posted in its entirety as received by stlucianewsonline.com. This media house does not correct any spelling or grammatical error within press releases and commentaries. The views expressed therein are not necessarily those of stlucianewsonline.com, its sponsors or advertisers.

19 comments

  1. Kenny is the best prime minister to take us out of the mess uwp has left behind . He have won & will continue doing just that

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  2. So y u in power if you cah do shit to make things better Kenny? What's ur purpose ...is it to make things worse....them ministers thinking with their a.. n not their heads

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  3. Any one but Kenny can't for sure you and I and them know that

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  4. I cant stand st.lucia politics and kenny... he does nothing good for the country the poor suffering more than ever...

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  5. De man can barely handle arithmetic but you want to give him mission critical economic growth models, matrices, economic value added, cost of money, rates of return, return on investment, time value of money, net present value, etc?

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  6. seems Kenny didn't read the report about st lucia being the slowest economy is the region....so what he talkin about.

    KENNY MUST GO

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  7. You are so right...the way forward eludes you because you cannot distinguish your nose from you a ......get the hell out

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  8. That man is a moron with glasses.

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  9. One of the main stupidities was the big loan from the IMF forcing St. Lucia into the VAT of 15%. Import duties remain very high. Almost 80% has to be imported. Sky high prices for food and transportation. Too big a government and too many public servants eating the mayor part of the pie and the average citizen is suffering.
    Banks having enormous problems in collecting payments of loans.

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  10. Kenny is the WORST - THE WORST. This guy has destroyed the hopes and dreams of the average Lucian - including ME. KDA needs to go

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  11. Sir arthur lewis did give very prudent advice to region. His model was designed to be followed wholeheartedly not in sections like how the then caribbean heads decided. Countries like china and singapore employed his model and well the evidence speaks for itself. The caribbean was experiencing high growth at the time which is what may have contributed to sir john's and others' myopia. Regardless our environment had changed drastically so the model may or may not be applicable and even it was im not sure even you would enjoy the changes it recommends.

    NICE its unfair to place all the blame on dr anthony. The oecs is in a currency union and one characteristic of our region is its small fiscal multipliers. I.e. any goverment spending tends to leak out via imports even if it were to be synchronised across the oecs. The only avenue for growth for our region is activities which bring in foreign exchange Such as exports. If we can find other brilliant st lucian business men to follow the likes of baron or st lucia distillers we'll be well on our way.

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  12. SAY WHAT YOU WANTWITH THE CHOICES OUT THERE KENNY IS STILL THE BEST TO LEAD ST.LUCIA OUT OF THE CRISIS. IT IS A FACT.wHO ELSE cHASTENET??.CHOOPS!

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  13. Wasn't our Nobel Laureate an Economist. Didn't he write books. I am sure he did. I am also sure some of what he wrote dealt with with what we are now experiencing in the Caribbean. Don't feel too big to take his advice, some big countries is using it.

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  14. You are delusional. And will self destruct.

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  15. KENNY YOU JUST NEED TO GO... ALONG WITH YOUR GANG OF MINSTERS...LEAVE ST.LUCIA ALONE....ST.LUCIA WILL GET OUT OF THIS DARK HOLE WITHOUT YOU..GIVE SOMEONE ELSE A CHANCE
    TO MAKE A BIG DIFFERENCE OF BETTER FOR ALL ST. LUCIANS AND ST.LUCIA.

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