With economists predicting a United States recession by 2011, Prime Minister Allen Chastanet has told reporters here that recessions always affect people.
In response to a question about a possible US recession, Chastanet told a reporter he was glad that the word ‘possible’ was used.
“We don’t know if the US is going into a recession,” he observed.
He recalled that in regard to this country’s tourism industry, given the absolute numbers that Saint Lucia has, it is not something that he is preoccupied with at this time.
“Certainly in the UK the weakening of the pound and the continued uncertainty with Brexit is a bigger issue,” the PM explained.
“We will be beefing up our advertising in the UK market and also with the advent of Virgin,” he stated.
Virgin Atlantic recently announced that it will be ceasing flights to Saint Lucia in June next year.
The Saint Lucia government has indicated that the decision came as a result of a stalemate over the airline’s request for a multi-million dollar subsidy which the administration here refused to pay.
Chastanet said Saint Lucia will also be beefing up its presence in the Canadian market.
“We have over the years not spent the kind of money that we should be in those markets but we are making a change in that regard,” the PM explained to reporters at an impromptu exchange Tuesday outside parliament.
Even as they reject talk of a looming recession, President Donald Trump and his advisers are examining ways to provide a boost to the U.S. economy should it be deemed necessary, US officials have been quoted as saying.
US President Donald Trump has said that his country is “Very far from recession.”
But US media reports say Trump is preparing just in case.