A report produced by ECCB Governor Timothy Antoine, has detailed the monetary, credit and financial conditions in the Eastern Caribbean Currency Union from January to June of 2022. The growth and competitiveness of the region was one of many focal points highlighted.

Recently appointed Chair of the ECCB and Prime Minister of Saint Lucia, Hon. Philip J. Pierre notes improvements in economic sectors.

“Council was informed that the recovery is spreading, albeit slowly, throughout various sectors of the ECCU’s economy. Cruise ship arrivals and stay-over arrivals have increased relative to the end of December 2021, and ECCU member countries have opened with minimal restrictions for travelers. Cruise arrivals rose to 656,011 at the end of March 2022 and is expected to continue increasing in 2022, as COVID-19 protocols continue to ease. The recovery in tourism is hampered by ongoing challenges with air connectivity in the region. The construction sector also continues to recover, bolstered by capital investment member governments.”

The Saint Lucian Prime Minister also acknowledges challenges to economic recovery.

“Economic activity in 2022 is being adversely impacted by higher levels of inflation due to the war in Ukraine and associated economic sanctions, higher energy prices, supply chain disruptions and low air transport connectivity. For example, stay over arrivals from the Caribbean, which averaged 20.0 percent of total stay-over arrivals in 2019, averaged only 6.5 percent in March 2022. This lower level of arrivals from the Caribbean is indicative of the air connectivity challenge within the ECCU.”

The ECCB Monetary Council meeting was held on Friday, July 22, 2022.