Date: 16th August, 2017
Basseterre, ST KITTS (KYSS) — Former Deputy Prime Minister, Dr. Asim Martin, says the economic downturn which has slammed the country is very evident.
While the reports issued from organisations including the World Bank, International Monetary Fund and Latin America Monitor all indicate that the St. Kitts and Nevis economy has contracted in the last two years, Dr. Martin says no report is needed to confirm this undeniable reality at home on the ground.
Earlier this week, the Latin America Monitor (LAM) revealed that it had revised its gross domestic product (GDP) projection for St. Kitts and Nevis.
In its monthly publication, the LAM stated that it had downwardly revised its real GDP growth forecast for 2017, from 4.3% to 3.2%. It also now estimates that growth fell to 3.5% in 2016, from 3.8% in 2015, in light of lower expenditures and softer trade data.
It said its growth forecast for 2018 remained broadly unchanged, at 3.5%.
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