(BROOKLYN, New York): There is good news for the Grenada economy. The country is expected to main economic growth for the sixth consecutive year, based on preliminary data for the first half of 2018. Describing this as a remarkable achievement, Prime Minister Dr. Keith Mitchell said the sectors contributing to the increasing economic activities since his New National Party (NNP) returned to office in 2013 are – the construction, tourism, transport and retail trade sectors, in addition to the expansion of in the private sector.
“In general, whether it is in education services or other services we are seeing tremendous increases in the service areas,” he said while addressing the media as the guest of the weekly post-cabinet briefings.
Speaking about the impact of investment in the education sector, he referred to St. George’s University School of Medicine explaining that the American owned offshore education institution which provides university education contributes no less than 22 per cent of Gross Domestic Product (GDP).
“When all the numbers have been tabulated and analyzed it is expected that the growth of the economy will be about 5.2 per cent in 2018 and that in effect is a clear example of what is taking place in the country, given that we are just coming out of a structural adjustment program where we were limited in what we can do,” he said.
“Grenada remains, therefore the fastest growing economy the region, averaging an average growth rate of five per cent since 2013,” he said while reminding reporters that the economy grew by 5.1 per cent in 2017. “The growth process for Grenada is very positive barring any unexpected shocks such as hurricanes and other natural disasters but we expect growth to be very positive and robust, in the coming year and beyond,” he added.
Concerning the country’s image, Mitchell who is also the Finance Minister said that Grenada’s image is presently in a better position when compared to the period before the NNP 2013 returned to office. He explained that because the administration of the National Democratic Congress (NDC), reneged on some of the island’s commitment to institutions such as Caribbean Development Bank (CDB), the University of the West Indies (UWI), the World Bank and the International Monetary Fund (IMF), the country had developed a negative image regionally and internationally.
“On the international stage today, Grenada is being looked upon in a very positive sense, in other words, we are also been seen as the poster boy, we are used by the IMF and others in the international community and the regional institutions as a success story in many respects,” he said.