Governor of the Eastern Caribbean Central Bank (ECCB), Timothy Antoine, offered expert insight into what is needed for St. Kitts and Nevis to fulfil its ambitious plan of doubling the economy at the 2025 National Budget Consultation.
Antoine said to achieve a 7% annual growth rate and double the Gross Domestic Product (GDP) from $2.3 billion to $4.6 billion resilience-building, skills development, strategic investment, and productivity must be embrassed as essential components of this vision.
Speaking to the theme, “Innovation, Inclusivity, and Sustainability: Our Path Forward,” a key focus of the governor’s address was resilience, which he deemed crucial as St. Kitts and Nevis faces ongoing challenges such as natural disasters, inflation, and global market fluctuations.
“The shocks keep coming. Building resilience means creating fiscal buffers to absorb these shocks,” said Governor Antoine.
The Governor emphasised that achieving transformative growth requires a mindset shift across sectors. He called for a future-ready workforce able to navigate a rapidly evolving economy and underscored the importance of skills development, which he identified as a critical factor in reversing brain drain.
“Blessed are the thinkers, but even more blessed are the thinkers and doers. Our education system must shift from focusing on subjects to skills,” Antoine insisted.
The ECCB head stressed the importance of recognising interpersonal skills, or “smart skills,” which are essential for managing relationships and fostering collaborative environments. These abilities, he noted, are often undervalued but are vital for leadership and workplace success.
For growth to be sustainable, Antoine highlighted the need for policy alignment, urging government entities, the private sector, NGOs, and community stakeholders to support the sustainable island state agenda. Emphasising collective ownership, he argued that sustainable development in St. Kitts and Nevis should be a national agenda transcending political lines and engaging every segment of society.
Investment, particularly infrastructural projects and green technologies, forms another key pillar of the governor’s strategy. He noted that policies alone would be insufficient to achieve the desired economic impact without significant investment. In particular, he highlighted the government’s ASPIRE programme, which focuses on youth financial literacy as a valuable growth initiative. For a sustainable future, he called on the private sector and financial institutions to increase funding towards renewable energy and green technology projects.
Antoine identified productivity as the “fastest way to boost economic growth” and advocated for improving time management in workplaces and government operations to optimise productivity. He urged stakeholders to adopt a culture of punctuality and discipline, noting that increased productivity could drive significant economic growth.
To drive sustainable growth, the ECCB governor outlined several key sectors requiring transformation and diversification. These include digital transformation, energy security, food and nutrition, and wealth creation. He praised government efforts to foster a culture of investing, particularly among youth. He also noted that only 4% of people in the Eastern Caribbean Currency Union (ECCU) invest in regional and international markets, compared to 60% in the United States. Increasing local investments, he argued, could mobilise savings into ventures that support economic growth.
Governor Antoine also addressed the urgent need to reduce the nation’s dependency on food imports. Citing the CARICOM initiative to reduce food imports by 25% by 2025, he noted that food imports across the ECCB region, including St. Kitts and Nevis, have risen. While pointing to a 10% increase in the food import bill over the past year, he lamented that the region is moving in the wrong direction. Reducing this dependency, Antoine explained, will require a shift in agricultural practices to increase self-sufficiency, especially in high-demand items like meat, fruits, and cereals, which will relieve pressure on the economy and support healthier local food options.
In discussing technology’s role, Governor Antoine introduced AI-generated insights on achieving a sustainable island economy. He said that AI analysis recommended that the Federation should seek to invest in renewable energy, eco-friendly tourism, and smart agriculture. It also suggested building a digital economy through technology and fintech investments to create high-skill jobs, enhance inclusivity, and promote sustainability.
Antoine cautioned, however, that AI must be integrated thoughtfully to complement rather than displace jobs. He stressed the need for a pro-worker AI strategy, prioritising job creation over labour displacement.
In conclusion, Antoine affirmed the strength of the Eastern Caribbean dollar, noting a 98.6% foreign reserve backing, which reflects a strong economic foundation to support the growth agenda. Recalling that reserve backing dropped to around 90% during the pandemic, he acknowledged the nation’s steady recovery, positioning it well for sustained growth.
The Central Bank Governor is urging all stakeholders to act with urgency, innovative thinking, and discipline to achieve these goals.
“We must do it, and we must do it now,” he emphasised.
The Labour Party Administration, led by Prime Minister Dr. Terrance Drew, is forging ahead with its campaign to make St. Kitts and Nevis a sustainable island state.
Photo: The ECCB’s Governor Timothy Antoine.
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