St. Kitts and Nevis continues to show impressive growth in the Caribbean and Latin American region, according to a Dec. 2019 report published by the United Nations Economic Commission for Latin America and the Caribbean (ECLAC) shared by Prime Minister Dr. the Honourable Timothy Harris while addressing guests attending his Fifth Annual New Year’s Gala on Saturday held at the St. Kitts Marriott Resort.
“We, in St. Kitts and Nevis, have the lowest central government gross public debt to GDP (Gross Domestic Product) ratio at 39.1 percent — the best in the region. We have the lowest gross external debt in the region, [and] we have the highest fiscal balance as a percentage of GDP at a positive 9.2 percent of GDP,” Dr. Harris read.
The prime minister added the economic growth figure is the best in the region, with projections for a 3.5 percent rate in 2020. ECLAC also reported the twin-island federation “also has one of the lowest inflation, cost of living in the region at -0.04 percent” as well as “one of the lowest tax (government revenue) to GDP ratio.”
“Under Team Unity, our country has been recharged with vigour and strength as well as an indomitable spirit and unrelenting drive for excellence,” the prime minister said, adding the government will continue to assure new and ongoing programmes and projects will facilitate greater empowerment opportunities for citizens and residents.