St Kitts and Nevis: Prime Minister Timothy Harris disclosed that the Federation of St Kitts-Nevis is anticipated to observe the growth of 5.5 percent economically in 2021.
The whole world is impacted drastically due to lethal coronavirus so is St Kitts and Nevis. However, after receiving jabs of vaccine donations from the authorities of India and mass vaccination programme drive across the nations helped to fight in the battle, the administration shared that they will now concentrate on reviving the economy, which was affected drastically by global ramifications.
Economic Growth Plan
Prime Minister Timothy Harris stated, Economic Growth Plan will comprise tax incentives other fiscal and policy-based support.
Moreover, the administration will also extend to commit itself to state development and guarantee that capital projects are proceeding as outlined in the 2021 Budget Address.
Pro-Growth is one of the approaches which will be utilized by the government of St Kitts and Nevis. Pro-Growth’s advantages include boosting the nation’s economic recovery, which will prior follow construction, manufacturing, agriculture, ICT, and services consisting of tourism.
Constructions in St Kitts and Nevis
Additionally, the construction activity, which likely to contribute about 16 percent to GDP, will be positively impacted by ongoing projects in the nation- resurfacing of the island main road, residential construction, and the construction of other prominent projects, including the solar farm.
The construction of Basseterre High School and other health centers on the island are also anticipated to the project’s growth in 2021.
Before COVID-19 scenes
Before lethal COVID-19, St Kitts and Nevis have tremendous continuous economic growth over five years. According to a recent survey, St Kitts and Nevis became the first independent state in the Eastern Caribbean Currency Union to align its debt-to-GDP ratio to international standards twelve years before the deadline.
Furthermore, the nation is familiar with adapting the plans to promote its economy for positive growth. The federation used to be heavily dependent on the sugar sector until the 1970s, though it had to diversify the economy due to a decrease in world prices.
To revive the economy, St Kitts and Nevis evolved the Citizenship by Investment Programme. This Programme has attracted many foreign direct investments in the nations in exchange for approval of citizenship.
Four years of Citizenship by Investment Programme
Citizenship by Investment Programme has been in exercise for approximately four years. Significant revenues from this programme have been obtained, and it added to numerous national development projects.
Investors who are interested in becoming residents of St Kitts and Nevis must make a one-time qualifying advance to Sustainable Growth Fund. Families of up to four can take benefit of a limited-time proposal that grants citizenship for $150,000 – the equivalent price as a single candidate – rather than the earlier $195,000.