St Kitts and Nevis to experience 5.5% economic growth in 2021

During his weekly government program, Prime Minister of St Kitts and Nevis stated that the federation is expected to witness a 5.5 percent economic growth in 2021.

The increase is a significant improvement from 2020, which has caused the economy of St Kitts and Nevis to decline drastically, due to the global consequences of the COVID-19 pandemic. After receiving donations of vaccines from the Government of India and the starting of its mass vaccine program across both the islands, the government has said that it will now draw attention to focus on economic recovery.

Prime Minister Harris said economic growth would include the provision of tax considerations and other financial and policy-based assistance. The government will also extend to confine itself to national expansion and guarantee that capital projects are given as set out in the 2021 budget speech.

Prime Minister Harris said one of the approaches that the government will use is one of 'pro-growth: "We expect the key sectors that will promote our economic recovery, construction, manufacturing, agriculture, ICT and services including tourism include."

"It is especially important that construction activities, which generally contribute about 16 percent to GDP, will be positively affected by ongoing projects, such as the surface of the highway on the island and residential construction," stated PM Harris.

He stated the construction of other major projects, including the solar farm, the new Basseterre High School, and Health Centers on the island, are also expected to contribute to the projected growth in 2021.

Prior to the pandemic, St Kitts and Nevis enjoyed continuous economic growth over five years. The dual island nation also became the first independent state in the Eastern Caribbean Monetary Union twelve years before the deadline that could match its debt-to-GDP ratio with international standards.

St. Kitts and Nevis is familiar with adjusting its economy to promote positive growth. Until the late 1970s, the Federation was heavily dependent on the sugar industry but had to diversify its economy due to falling world prices.

A few short years later, St Kitts and Nevis started pioneering work in the Citizenship by Investment program - the process of attracting foreign direct investment on the country in exchange for citizenship.

Today, the CBI program has been running for nearly four decades, inspiring several similar initiatives worldwide. Revenues from CBI have contributed to numerous national development projects and made a significant contribution to supporting the economy during the pandemic.

Investors enthusiastic about becoming citizens of St Kitts and Nevis are required to make a one-time investment in the Sustainable Growth Fund. Families of up to four can take advantage of a limited-time offer that offers citizenship for $ 150,000 - the same price as a single applicant - instead of the previous $ 195,000.