St Vincent and the Grenadines' GDP to grow by 5% this year: Reports

St Vincent and the Grenadines: Minister of Finance Camillo Gonsalves has stressed the resilience of the economy of St Vincent and the Grenadines while calling for increased local private sector participation to capitalize on the favorable investment environment.

The development was announced by the Minister as he was speaking during a business luncheon hosted on Friday hosted by the SVG Chamber of Industry and Commerce.

He delivered a strong statement related to the country’s robust economic performance as well as future growth prospects and highlighted the noteworthy economic strides the country has made in spite of the recent problems including COVID-19 pandemic, hurricanes and volcanic eruptions. Gonsalves shared the data showcasing the country’s remarkable economic recovery and growth while emphasising that the GDP has also surged by 5.5 percent in 2022 and 6 percent in 2023 with a projected growth of five percent for 2024.

He added that these numbers underscores St Vincent and the Grenadines’ position as one of the fastest growing economies in the Caribbean region.

The Minister added that the island nation is not just better than it was five years ago but now it has also become a model of growth and economic resilience.

Furthermore, he attributed this success to the strategic investments in disaster recovery, infrastructure and digital transformation which have eventually laid a strong foundation for sustained economic growth.

Gonsalves also discussed the significance of investment in maintaining and accelerating economic growth and called on the private sector to grab the opportunities being presented by the improving economic conditions before the foreign investors dominate the market.

He also assured the  private sector that the administration is dedicated to creating an enabling environment which will support business growth as well as economic development and outlined that now is the perfect time for local business to be more confident, enterprising and willing to invest.

Not only this, but he also highlighted many initiatives which included major investments in infrastructure projects including the construction of a new hospital and extensive road rehabilitation and development of digital solutions to ease government services and eliminate business costs.