Grenada govt. reveals three-year economic plan in Speech from the Throne

Accelerating creation of sustainable jobs, human capital development and skills development in the pipeline for Grenada governing body 

ST. GEORGE’S, GRENADA — As it prepares to start a new session of Parliament, the government of Grenada yesterday revealed its plan to restore jobs and promote growth over the next three years in its Speech from the Throne, which was delivered by Governor General Cécile La Grenade.

Grenada’s Parliament building at Mt. Wheldale.

In its speech, the government said, “The following strategic objectives will guide our efforts to support robust and inclusive growth and build resilience: accelerating the creation of sustainable jobs; boosting competitiveness and diversifying the economy and export base; boosting investment in health to improve healthcare delivery and build resilience to health crises; accelerating human capital development in education by investing in infrastructure, ICT infusion and skills development; accelerating the infusion of technology into the economy to fast-track digital transformation; increasing investment in agriculture and the light manufacturing sector to boost food and nutrition security and to reduce our huge food import bill; accelerating the rehabilitation and upgrade of our road network and other physical infrastructure; continued efforts to build resilience against external shocks, including to strengthen structural, financial and post-disaster resilience; preserving and expanding as necessary social safety nets to protect and empower those most affected by the pandemic; continued efforts to protect our environmental assets from human and climate change impacts; and fast tracking our transition to renewable energy.”

The government acknowledged the mammoth task ahead, noting, “The current fiscal realities facing my government include lower tax revenues as a result of the uncertain economic environment; the need for higher spending associated with managing the current spike in COVID-19 cases and limiting the associated social and economic fallout; the need for greater capital investments to stimulate economic activity, create jobs and advance our nation’s development agenda; and the need to meet ongoing and, in some instances, growing existing obligations, including wages and pensions and debt servicing.”

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    However, it also noted progress made so far with respect to economic recovery and said it is “eager to set our nation on a path of recovery” even as it remains “mindful of the persistent threat” of COVID-19.

    “On account of my government’s efficient management of the crisis, confidence in the economy was being restored and economic activities in several sectors picked up strongly,” the government noted.

    “Labour market conditions improved, with the unemployment rate declining sharply. Government finances were beginning to show gradual signs of improvement, although we are yet to reach our pre-COVID-19 performance.”

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