The Eastern Caribbean Central Bank (ECCB) has confirmed economic growth for Dominica for the next two years. Speaking on Wednesday, 11th January 2017, His Excellency Timothy Antoine, Governor of the ECCB, forecasted a 3.2% economic growth for 2017 and 2018.
The estimated forecast is a testament to our Government’s commitment to ‘building a more resilient Dominica’ following the impact of Tropical Storm Erika in 2015. Engaging with the press, Mr Antoine outlined Dominica’s outlook prior to Tropical Storm Erika as a 2.8% economic growth. In the aftermath of the Storm, the national economy instead only grew by 2.5%.
The rebuilding process, including extensive investment in infrastructure, renewable energy, and real estate accelerated economic growth, resulting in a 1.7% growth rate for 2016 – greater than anticipated for a year of reconstruction – and much higher predictions for the coming two years.
One example of the public and private sector dialogue that has ignited participation in Dominica’s economic transformation is Marriot International’s confirmation that the hotel giant will soon be developing a 5-star resort in Dominica.
Tourism and construction developments will remain a priority for the forthcoming fiscal years, as our Government focuses on the creation of long-term benefits for Dominicans throughout the country. The Citizenship by Investment Programme was a significant contributor to Dominica’s economic growth, and is expected to continue to attract high net-worth applicants to our island each year, raising our country’s profile for foreign investment.