In the face of escalating global economic instability, the St. Kitts-Nevis Chamber of Industry and Commerce (SKNCIC) has urged the government to transition from policy planning to actionable implementation. This call to action was made during recent consultations for the 2026 national budget, held at the St. Kitts Marriott Resort, where the Chamber played a pivotal role. Trevor Blake, President of the SKNCIC, emphasized the necessity of converting strategic discussions into concrete outcomes, particularly as the global economic environment grows increasingly fragmented. The United States’ adoption of a country-first policy, imposition of tariffs on major trading partners, and deportation of illegal immigrants have significantly impacted the Federation’s residents and business community. Blake acknowledged the Federation’s commendable progress over the years but highlighted the challenges of sustaining and accelerating this growth amidst global economic flux. He pointed out that international institutions predict slower global growth, persistent inflation, and heightened uncertainty, all of which are dampening domestic economic activity. The ‘America First’ policy, ongoing Russia-Ukraine war, and Middle Eastern instability have disrupted global supply chains, putting pressure on domestic producers, distributors, and retailers. Given the Federation’s reliance on imported food and tourism, Blake stressed the importance of domestic policies in the 2026 budget aimed at mitigating these impacts. He noted the government’s efforts to reduce reliance on the Citizenship by Investment (CBI) programme and tourism by enhancing productivity, improving road networks, increasing agricultural yields, attracting foreign direct investment, and expanding airlift and cruise ship arrivals. Blake also commended the government’s success in curbing violent crime, which poses a significant societal threat and deters investment. He highlighted the sharp decline in CBI revenues, which accounted for 22% of GDP in 2023 but have since fallen to 8%, projected to remain around 9% for the rest of the decade. Blake applauded the government’s steps to reform the CBI programme in collaboration with regional partners, aiming to bring credibility and sustainability. Prime Minister Dr. Terrance Drew is expected to provide a comprehensive update on the state of the economy in the 2026 Budget Address next month.
Chamber urges government to shift from policy planning to action as global uncertainty grows
