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OECS Authority Fashions Response to Global Economic Challenge

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Contact: John Emmanuel

Friday, September 28, 2001 - St. Lucia continues to take the lead among OECS countries in fashioning a strategy aimed at addressing the downturn in the regional economy. Talks held here Friday, with OECS Heads of Government and officials of the Eastern Caribbean Central Bank, examined the important aspect of reducing interest rates.

Prime Minister the Honourable Dr. Kenny Anthony says such a move would ease the pressures being exerted on businesses and individuals. Commercial banks on the island have already begun to lower their interest rates, and Dr. Anthony has called upon the Central Bank to adopt certain initiatives that would foster further cutbacks.

Admitting that the countries of the OECS were limited in their ability to respond the global economic challenge, Dr. Anthony says certain opportunities exist and needed to be seized.  “My own view is that American tourists are not likely to travel to Europe and the UK. They don’t want to be far from home and we might well have a golden opportunity meaning that more American tourists actually choose to come to the Caribbean for vacation simply because its closer to home and they feel a greater sense of security. In the end we could possibly benefit more than other countries although, of course, the recession is now biting in the United States.”

Another positive sign for the tourist industry was the fact that visitor arrivals from the UK continue to be steady. In outlining the way forward, the OECS Authority special meeting also examined the issue of security spearheaded by the Regional Security System (RSS). 

 

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