Prime Minister and Finance Minister of St Kitts & Nevis Dr Denzil Douglas has told an international forum that significant improvements are in store for the country’s economic and fiscal performance over the medium term.
“In 2004, for instance, it is estimated that economic growth increased from less than a half percent in 2002 to more than four in 2004 and that with the imminent implementation of a wide range of private sector projects,” stated Dr Douglas.
He went on to add that growth in the tourist sector has been especially strong, and cruise ship passenger arrivals are expected to reach record levels in 2005. These increased earnings from tourism have also led to an improvement in the government’s finances.
“Government revenue intake has also responded positively to these developments in that the Government’s current revenues have jumped by some 42 percent over the past three years,” Dr. Douglas observed.
The Prime Minister was keen to point out to potential new investors that the jurisdiction is one of the Eastern Caribbean’s major financial centres with a wide array of financial institutions and is the home of the Eastern Caribbean Central Bank (ECCB).
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