March 1, 2011

FCIS expects economic growth in the region

Despite a current low level of economic activity and the possibility of price hikes and unemployment, financial pundits are expecting some economic growth in the region.{{more}}

The disclosure was made on Friday, February 18, as First Citizens Investment Services held its Global Market outlook 2011, at the Grenadine House Hotel in Kingstown.

Armed with a number of slides, statistics, graphs and charts, presenters from FCIS gave detailed reports on the outlook of the economy from a local, regional and global scale, comparing previous trends with what is projected to take place this year.

According to their outlook, the global recovery is taking place at a slow pace and over the course of the year, will see a slight reduction in unemployment as business places regain some confidence and start to employ once again.

Inflation is expected to inch up in the region, due to the higher commodity prices, and that is expected to increase price levels as well.

The energy sector, which is dominated by Trinidad and Tobago in the region and is experiencing negative growth, is expected to be very weak until substantial pick up in the demand is realized.

The OECS region, and other countries which depend highly on the tourism market, will see a slow rate of growth according to the pace of the global economy.

The seminar, which is the second held here by First Citizens Investment Services, attracted a wide cross section of persons, who made their input and asked numerous questions of the speakers.

Presentations were made by General Manager of First Citizens Jason Julien, Sean Reid, a research analyst, Research Manager Vangie Bhagoo Ramrattan, Regional Manager Carole Eleuthere Jean Marie and local Accountant Brian Glasgow, who spoke on a range of topics, including the East Caribbean Stock Exchange outlook, the Global Economic Review and the emerging economies, as well as the 2011 budget of St. Vincent and the Grenadines, among other topics.(JJ)