PM Drew declares 2025 as ‘Year of Recovery’, outlines vision for economic growth

St Kitts and Nevis: Prime Minister Dr Terrance Drew in his New Year’s address declared 2025 as the ‘year of recovery’ and highlighted his administration’s commitment in restoring and rejuvenating the economy and society.  

Talking about the upcoming year, he said, “It is a year that will build on our collective resilience. A year when the seeds we have planted will be afoot and a year when progress will power us toward a stronger and brighter Saint Kitts and Nevis.” 

He further talked about the challenges faced in 2024 and said that through unity and decision actions of his government, they were able to make tremendous strides to enhance the lives of every Kittitian and Nevisian.  

Dr Drew highlighted the challenges and said that the Federation walked side by side through trials of rising costs and economic uncertainty and the government took bold steps to shield the people from the storm. 

Major investments made for the benefit of locals 

Not only this, but a whopping investment of a historic US$320 million was made to support essential subsidies and social programs. PM Terrance Drew said that this was not just an investment made in numbers, but an investment made in the people.  

Furthermore, the government also subsidized fuel to keep costs down at the pump and homes, he said, adding that, “We protected electricity prices, saving households and businesses from crushing energy burdens.” 

According to the Prime Minister, 2024 was also the year when the government ensured that families could afford cooking gas. Several new programmes and policies were also launched such as the LIFT to ensure that no child went hungry, and no family was left behind in St Kitts and Nevis. 

“All these are part of this government's effort to address the rising threats of the cost of living and the international inflation crisis that are affecting all of us,” he added. 

While recognising the value of work and fairness, the Labour government also delivered a national minimum wage increase to $EC 430 per week. At the same time, initiatives like the building materials were launched and the VAT relief holiday gave families the power to invest in their homes while the budget boost wallet will allow for greater financial stability and support, said the PM.  

Major capital projects launched in 2024: PM Drew 

In his address, he also emphasised the launch of major capital projects which formed the foundation of a new resilient economy. The year was really productive as the government held groundbreaking for the new Basseterre High School, ensuring modern facilities for the students to thrive.  

An investment of EC$50 million was also made in desalination plants which is a visionary project that will provide 2 million gallons of potable water daily that would secure water access for generations to come. 

The government further advanced critical road network while improving connectivity and easing transportation across the island. Also, efforts are being made to deliver the new JNF General Hospital which showcases a future where healthier St Kitts and Nevis will be second to none.  

Work is also well underway to deliver close to 100 new homes for the people of Atlas, Sandy Point and St Peters. While sharing the development, PM Terrance Drew stated, “Housing as you know it is an essential necessity for our growing population. This government, in its efforts to advance the people of this country, must and will ensure that their needs are addressed.” 

He added that the first wave of the housing resolution has begun and will be delivered and these key projects and others will not only lend to the actualization of the plans to diversify, advance and dominate in the future but will also create opportunities for people to make an honest wage, directly and indirectly.  

2025 is a year of recovery  

Talking about the New Year, Dr Drew said, “2025 is a year of recovery. We will continue to work tirelessly to restore and rejuvenate our economy and society, ensuring no one is left behind as we chart a course toward prosperity.” 

He reiterated his government’s commitment to diversify the economy as St Kitts and Nevis transitions from overreliance on the Citizenship by Investment programme.  

PM Terrance Drew confirmed that investments are also being made in renewable energy, agriculture, tourism and creative economy and these initiatives will provide opportunities for farmers, entrepreneurs, artisans and youth to harness their talents and achieve financial independence. 

PM Drew encourages youth to explore various fields  

Calling the youth, the heartbeat of the Federation, PM Drew noted that programs like ASPIRE and ELEVATE are creating opportunities for them to save, learn and earn. He added that education, financial literacy and skills training are the tools to succeed.  

He asked them to reject the shadow of crime and violence and embrace the boundless opportunities which lie before them.