Thursday, August 18, 2022

ECCU Economic Recovery Spreading ‘Albeit Slowly’

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‘The recovery is spreading – albeit slowly’ throughout various sectors of the Eastern Caribbean Currency Union ( ECCU) economy.

That’s according to a communiqué of the 102nd Meeting of the Monetary Council of the Eastern Caribbean Central Bank (ECCB).

Saint Lucia hosted the meeting last week.

The Communiqué observed that cruise ship arrivals and stay-over levels have increased relative to the end of December 2021.

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It also noted that ECCU member countries have opened with minimal restrictions for travellers.

According to the document, cruise arrivals rose to 656,011 at the end of March 2022 and are expected to continue increasing in 2022, as COVID-19 protocols continue to ease.

However, the communiqué explained that ongoing challenges with air connectivity in the region are hampering tourism recovery.

On the other hand, it disclosed that the construction sector also continues to recover, bolstered by the capital investment by member governments.

“Economic activity in 2022 is being adversely impacted by higher levels of inflation due to the war in Ukraine and associated economic sanctions, higher energy prices, supply chain disruptions, and low air transport connectivity,” the communiqué said.

By way of example, it noted that stay-over arrivals from the Caribbean – which averaged 20.0 percent of total stay-over arrivals in 2019 – averaged only 6.5 percent in March 2022.

“This lower level of arrivals from the Caribbean is indicative of the air connectivity challenge within the ECCU,” according to the communiqué.

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Editorial Staff
Editorial Staff
Our Editorial Staff at St. Lucia Times is a team publishing news and other articles to over 200,000 regular monthly readers in Saint Lucia and in over 150 other countries worldwide.

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