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Citizenship sales helping to keep Eastern Caribbean economies afloat
Published on October 26, 2016 Email To Friend    Print Version

By LK Hewlett

BASSETERRE, St Kitts (WINN) -- Revenues earned from the sale of citizenship are supporting the economic recovery being experienced in the Eastern Caribbean countries.

According to the International Monetary Fund (IMF) country report on the Eastern Caribbean Currency Union (ECCU) published on Tuesday, the region’s economic recovery is gaining ground, supported not only by citizenship by investment (CBI) inflows, but also improved tourism arrivals, low oil prices, and improved government fiscal management.

The IMF says however that the region still faces many vulnerabilities that are hindering growth in the medium-term outlook, including a weak banking system, high debt, susceptibility to natural disasters, and competitiveness.

Despite a nearly 50% decline in economic growth from 6.2% in 2013 to 3.5% in 2016, St Kitts and Nevis is still leading the region in projected growth for 2017 at 3.5%.

St Vincent and the Grenadines has the second highest projected growth with 3.1%, followed by Dominica at 2.8%, Grenada at 2.7%, Anguilla at 2.6%, Antigua and Barbuda at 2.5%, St. Lucia at 1.9% and Montserrat at 1.7%.

The ECCU’s overall projected growth for 2016 is 2.1% and for 2017, 2.6%.

Republished with permission of West Indies News Network
Reads: 18197

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Peter Binose:

In SVG we have a citizenship scheme but it is a secret one and the workings and profits are owned by one man and his woman who went to mow a meadow.


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