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OECS Authority Fashions Response to Global Economic Challenge
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OECS Authority Fashions Response to Global Economic Challenge
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Contact:
John
Emmanuel
Friday,
September 28, 2001
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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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