Grenada chamber president urges strict economic recovery plan
President of the Chamber of Industry and Commerce Aine Brathwaite says the realities of the economic situation is hitting Grenadians and it can no longer be business as usual.
ST GEORGE’S, Grenada, Wednesday December 28, 2011 - The authorities should implement a strict recovery plan to stabilize the economy and improve conditions for residents, President of the Chamber of Industry and Commerce, Aine Brathwaite, has said.
She explained that this New Year’s resolution requires the collective partnership of all groups, including political parties, trade unions, and private and public sectors.
“If we cannot work together on this, then 2012 is going to be an even more difficult year for all of us – the entire country,” she warned.
The chamber president cited the country’s billion dollar national debt and EC$25 million (US$9.25 million) monthly public sector payroll as “issues that need to be faced and dealt with.”
She took issue with the expectation by many that successive governments would be able to raise sufficient funds to service the debt, and still be able to meet its payroll and other commitments.
“How can there be any surplus left for new developments or even basic maintenance of roads, hospital services and education? Our demands set each administration up for failure and we take no responsibility for the consequences,” Brathwaite said.
Remarking on the 2011 economic conditions, the association executive said the business sector had to adjust to reduced revenues and engage in cost-cutting exercises and improve their efficiency levels.
She said the experience has shown that reality is hitting Grenadians and it can no longer be business as usual.
“The negative effects of globalization, recession in the United Kingdom, Europe and the United States, the series of local financial and insurance collapses and the economic downturn in Grenada are all taking their toll,” she added.