IN THE PAST fortnight economic issues have maintained a prominence in the news which has not been seriously challenged by other newsworthy events in our country.
The governor of the Central bank has spoken; we have had the “no-confidence debate” the annual conference of the Opposition, and of course the frank, some would say brutally frank, speech of the Prime Minister of St Lucia, Dr Kenny Anthony.
It has all been about the economy, and with an IMF Article 4 assessment due here soon, economic issues will continue to command more than ordinary attention. Eventually, if not sooner, we shall all have to come face to face with Dr Anthony’s view that regional economies are broke, and that our leaders are not facing that reality.
Regional leaders do not have a happy time. Already dealing with small economies with small bases for taxation and disproportionately large numbers of people in the poor and vulnerable category; these leaders have inherited economies which have suffered for generations from a history of savage neglect, widespread deprivation, and the most consistent extraction by external powers of the virtuous aspects of their countries.
The actions of the WTO and the OECD have compounded the felony by forcing us to prematurely carry the responsibilities of more mature economies. It is not an easy ride, neither for the leaders nor for the people; and it is a journey which is being undertaken without reparations for the past iniquities.
These are the harsh realities, and we must therefore not miss any opportunity to improve our lot and to continue to pull ourselves up by our bootstraps.
In our local economy, we have established an offshore financial centre to cushion the loss of foreign exchange earned by sugar when it was king. Some of our sister territories have lost their economic advantage with the banana trade and have been left so exposed that they have raised the issue of the marijuana plant as a viable export given its proven capacity as a source of medically beneficial properties.
We must take hold of every opportunity. In a sense the biblical injunction “gather the fragments, let nothing be lost” may be a viable mission statement.
The recently-concluded International Business Week conference spoke to improving the offshore financial sector and reflected on its prospects as well as its contribution to the local economy. We have to pull out every stop in enhancing the attractiveness of this sector to the market.
Tourism and the offshore sector together will assist us in stabilizing our foreign exchange earnings. Recently, too, a letter in the Press suggested establishing this island as an arbitration centre so as to promote what the writer called “legal tourism”.
It was a good call, but we understand that some six years ago, a decision was reached with a leading international arbitration association to establish its first overseas branch here. We have heard nothing since on what seems to have been an opportunity to enhance our tourism and financial service sector in one stroke. The writer’s call is timely.
Our regional economies may be under stress; but hope must not be lost. We in this country must seize every chance and let nothing be lost, in our drive to return to punching above our weight.
