SVG on the right track to success

07.DEC.07

EDITOR: In a paper prepared by Catherine Pattillo of the IMF in the recent routine Article IV Consultation by the International Monetary Fund (IMF) with the Government of St. Vincent and the Grenadines, it was revealed that comparatively in the CARICOM region, the macro-economic performance of St. Vincent and the Grenadines was “relatively good”.{{more}}

This assessment was for eleven CARICOM member-states namely: Trinidad and Tobago, Bahamas, St. Vincent and the Grenadines, Antigua-Barbuda, Belize, St. Lucia, Dominica, Grenada, Guyana, Jamaica, and St. Kitts-Nevis. Indeed, that was the order of the ranking based on the assessment: Trinidad and Tobago was tops, St. Vincent and the Grenadines was third, and St. Kitts-Nevis was last.

The assessment compared two periods for each country: (1) 1990 to 1997; and 1998 to 2006. The rankings were based on the following criteria:

Overall fiscal balance from 1998 to 2006 and the absolute change in the overall fiscal balance from 1990 – 1997 to 1998 – 2006;

Average Consumer Price Index (CPI) inflation from 1998 – 2004 and absolute change in CPI inflation from 1990 – 1997 to 1998 – 2006;

Average real GDP growth from 1998 – 2006 and absolute change in real GDP growth from 1990 – 1997 to 1998 – 2006.

Countries were ranked from 1 to 14 in each category, with the best performer receiving the highest scores. The scores were then summed up for each country, with equal weight to each category of macro-economic performance. Finally, these summed-up scores are normalized so that the scores for all countries range from 1 to 100. The top country received the highest score. Thus, Trinidad and Tobago got a score of 100; Bahamas was second with 93.4; and St. Vincent and the Grenadines was third with a score of 70.3. St. Kitts – Nevis took the bottom position with a score of 23.1.

Surely, the ULP government must be doing something right with the economy. Let the mindless critics talk! It is true that there are still many serious challenges now and ahead of us. But we are on the right track to meet them successfully!

Sincerely yours,

Hans King

Press Secretary to Prime Minister