VOLUME 14 ISSUE 06

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VOLUME 14 - NO. 06

FEBRUARY 10TH, 2018 – FEBRUARY 17TH, 2018

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TURKS & CAICOS ECONOMY TOPS THE CARIBBEAN

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TCI welcomes MPs from Prince Edward Islands

he Turks and Caicos Islands Commonwealth Parliamentary Association branch (TCI CPA Branch) recently welcomed visiting Parliamentarians from Prince Edward Islands, Speaker for the Legislative Assembly Hon. by Hayden Boyce Publisher & Editor-in-Chief

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he Turks and Caicos Islands (TCI) economy recorded the second best performance in the Caribbean region in 2017 and is expected to have “strong growth” in 2018, despite being hit by backto-back hurricanes last September and experiencing sluggish tourism numbers in recent months. According to a top Caribbean economist, the Turks and Caicos Islands performed far better than larger Caribbean economies such as The Bahamas, Barbados, Cayman Islands, Jamaica, Antigua, St. Lucia, Guyana, Belize, British Virgin Islands, Trinidad and Tobago, St. Kitts, St. Vincent and Suriname. Dr. Justin Ram, Director of Economics at the Caribbean Development Bank (CDB), said the TCI’s economy grew by 3.4 percent in 2017, and was second only to Grenada which grew by 4.3 percent. Addressing the CDB’s Annual News Conference in Bridgetown, Barbados on February 7th 2018, Dr. Ram told journalists from around the region that all of CDB’s Borrowing Member Countries (BMCs) are expected to contribute to the positive movement. “This is mainly driven by the return to growth in Trinidad and Tobago and a 2.3% uptick in Jamaica,

Francis (Buck) Watts and his Clerk Mr. Charles Mackay to the Turks and Caicos Islands who visited for the purpose of assisting each other with Parliamentary best practice. To commemorate this partnership a

which accounts for about a fifth of regional GDP. The highest growth rates are anticipated for Anguilla and Dominica as they rebuild from the damage caused by the 2017 hurricanes. Antigua and Barbuda and the Turks and Caicos Islands are also expected to have strong growth.” After the Turks and Caicos Islands, Antigua was third in growth with 3.0 percent, followed by St. Lucia, 2.9 percent; Guyana, 2.9 percent; St. Kitts, 2.8 percent; Cayman Islands, 2.7 percent; Jamaica, 1.7 percent; Montserrat, 1.6 percent; Haiti, 1.2 percent; Barbados, 1.0 percent; The Bahamas, 1.0 percent and Belize, 0.5 percent. Dr. Ram noted that five BMCs experienced negative growth in 2017. Anguilla, the British Virgin Islands and Dominica had the largest declines due to severe damage caused by Hurricanes Irma and Maria. Notably, the Trinidad and Tobago economy continued to contract. Given that the country’s economy accounts for a third of regional output, this meant that on average, the region only grew by 0.6% in 2017, the economist added. He said the Caribbean’s economic performance as a whole continues to lag that of all other groups, most notably other small developing states. “This comparison with other small states

Press Conference was held on Tuesday 6th February 2018 at the House of Assembly, Hon. N. J. S. Francis Building, Pond Street, Grand Turk. Pictured here are local and visiting MPs who attended. ( See Page 14). suggests that small size is not an obstacle to growth but rather, that other structural impediments might be the reason for the Caribbean’s tepid performance,” Dr. Ram added. He also noted that joblessness remains high throughout the Region for young persons, with youth unemployment as high as 40% in some countries. He said it is still too difficult to do business in the Region and the Caribbean is still uncompetitive in many indicators Meantime, Dr. Warren Smith, CDB’s president, said that “in a sense, and certainly in terms of economic growth, the Region is in the strongest position since the start of the 2008 global recession, which set in motion an extended downward spiral in economic performance”. He added: “The impact of the 2017 Atlantic Hurricane Season is still fresh in our minds, and is a painful reminder of our Region’s inherent vulnerabilities. The stories we heard from colleagues, friends and family have suggested that the people of Anguilla, Antigua and Barbuda, the British Virgin Islands (BVI), Dominica and the Turks and Caicos Islands experienced great mental and physical trauma. This, combined with the loss of life and infrastructural destruction might best be described as a setback for our region.” Continued on Page 2

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2018

Turks & Caicos Islands

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