Sir Dwight: Cost cuts not enough to grow economy

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Published on Saturday, 15 September 2012 15:10

Written by Andre Huie

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Basseterre, St. Kitts (WINN): Highly indebted Caribbean countries cannot continue pursuing some stringent cost cutting measures if it is to grow the economy, according to Governor of the Eastern Caribbean Central Bank (ECCB) Sir K Dwight Venner. Sir Dwight, addressing journalists at the end of an IMF High Level Forum held recently in Trinidad and Tobago said:

“We are very small economies and clearly we can do things more efficiently but to do that you need systems.” He continued: “When people are out of jobs in an economy that doesn’t offer many alternatives, do you have the safety nets to (lay off workers)?” The ECCB Governor also suggested that taking tough measures such as cutting jobs in the public sector, can lead to political consequences.

Meanwhile, Opposition Member of Parliament Eugene Hamilton commented on the issue, suggesting that government must make opportunities available for local investors to thrive in the economy.

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