Premier Joseph Farrell sets out ECCB Policy Agenda Under his Chairperson
Economic activity in the Eastern Caribbean Currency Union declined by 4 per cent in January.
That’s according to news coming of last Fridays meeting of the ECCB Monetary Council, chaired by Montserrat’s Premier, the Honourable Joseph Easton Farrell.
Overall, economic activity in the ECCU is estimated to have declined in the first quarter of 2021, relative to the comparable period of 2020 due to further constraints related to COVID-19.
A communique, issued at the end of the meeting states that heightened uncertainties and risks regarding the ongoing pandemic, coupled with the ongoing impact of volcanic eruptions in Saint Vincent and the Grenadines, suggest that the region’s growth results for 2021 may be about 1.0 per cent.
The realities recently created by COVID-19, the pace of immunization in the ECCU, and new variants of the virus accompanied by new lockdowns, curfews and travel protocols have weakened the recovery momentum in the Currency Union.
The key issues likely to confront the ECCU in the second half of 2021 are securing growth amid rising downside risks; and maintaining stability and resilience in the financial sector to support growth.
Meanwhile, Premier Farrell sets out the agenda during his chairmanship of the Monetary Council over the next year.
Premier Joseph Easton Farrell.