Antigua and Barbuda 2011 Budget Statement: A Disciplined Approach to Sustainable Growth – The Nest Plan Unfolds

During 2010 there was some economic recovery globally, but there have been a number of risks to the recovery process. These risks include high debt and fiscal imbalances in a number of advanced economies. Generally, ‘emerging and developing economies’ have performed more favourably than ‘advanced economies’ due to their earlier implementation of prudent economic policies. Notwithstanding their performance in 2010, the continued economic viability of developing economies depends on demand for their commodities from advanced economies. Overall, global activity is estimated to expand by 4.8 percent in 2010. For ‘emerging and developing economies’ the estimated growth in output for 2010 is 7.1 percent, while for ‘advanced economies’ the estimate is 2.7 percent The Eastern Caribbean Central Bank estimated a 2.1 percent decrease in economic activity for OECS countries in 2010; compared to a decrease of 7.3 percent in 2009. Within the currency union in 2010, five of the eight economies are expected to contract, with the highest decline of 7.1 percent experienced in Anguilla. Dominica was estimated to have the highest growth rate of 2.4 percent in 2010.