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Positive Prospects for World Economic Recovery in 2002

Contact: Rose Marie Harris

Thursday, April 18, 2002 - The World Bank and the International Monetary Fund IMF have both revised their prospects for world economic recovery for 2002 . The two financial institutions revised an earlier estimate of 0.7% to 2.0%, and the announcement has been welcomed by financial and economic planners worldwide.

According to a statement from the Prime Minister’s Office in St. Lucia, signs of better prospects than expected for the Caribbean became clearer in the first quarter after September 11, when global tourism figures indicated there was a 10% increase in Caribbean arrivals over the same period a year earlier. Saint Lucia’s tourism figures have also maintained an upward trend, with cruise ship arrivals continuing to grow at a faster rate than all other Caricom tourism destinations.

The statement further adds “the World Economic Recovery Prospects for 2002, indicates that Saint Lucia’s balance of trade with the rest of Caricom had also been showing welcome improvements up to September 11 last year, with significant increases in manufacturing exports and a healthy decrease in imports. The banana industry has also been showing signs of recovery with increased production following the worst drought in forty years”

But despite these signs of improvement, Prime Minister Honourable Dr. Kenny Anthony says much will still have to be done to facilitate measures to nurture economic growth. Dr. Anthony says that although the worst may be over, it is still necessary to introduce measures to reduce expenditure and increase earnings.

Dr. Anthony who is also the Minister for Finance and Economic Affairs explains that the World Bank and the IMF’s positive outlook on prospects for world economic recovery was welcomed but Saint Lucians needs to do a lot more to realise the growth at the level foreseen by the Bank and the IMF.

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