UPP Economic Policies Destroyed Economy - Browne

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Economy

Monday, 09 July 2012 02:30

By caribarena news

Antigua St John's - Reports of the Antigua & Barbuda economy recording negative growth in the first half of the year do not make surprising news to Chairman of the Antigua Labour Party (ALP) Gaston Browne, who says his predictions of a slumping economy were on target for four years in a row.

Browne says the ECCB’s impromptu release of the most recent numbers that show Antigua & Barbuda as having -0.26 percent economic growth as opposed to Dominica and Grenada with almost 2 percent each is indeed yet another sign that the government has clearly lost its sense of creativity and sense of direction.

“I have predicted for the past four years that there would be decline and that the economy would not bottom out before the end of this year … and I am right on track. I am projecting that there will be a further contraction this year by about one percent, and that (economic) growth will not return to the country’s economy before 2013,” Browne said.

He noted also that the reason for the country’s continued economic contraction is not only a fault of the global economic recession but also a fault of “the bad policies of the government”, which have “deflated” and “destroyed” the economy.

The deputy opposition leader suggested that the reason Dominica and Grenada are able to record growth is through the wise utilization of their resources and the maintenance of confidence in investors by maintaining consumption demand within those countries.

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