The Governor of the Eastern Caribbean Bank Timothy N. J. Antoine says COVID-19 is having an impact on the member states of the Eastern Caribbean Currency Union.
The ECCB has been meeting and dialoguing with Prime Ministers and Ministers of Finance from the ECCU on likely scenarios that will influence a regional response.
Here is an excerpt of that address by Timothy Antoine:
Based on two such scenarios, economic activity in the ECCU is projected to contract between 5.0 per cent and 7.0 per cent (in real terms) in 2020 accompanied by a sharp rise in unemployment. Keep in mind that prior to this pandemic, economic growth in the ECCU was projected at 3.3 per cent.
Since the outbreak of COVID-19, the ECCB has been focused on two priorities: (i) protecting our staff and (ii) serving our region. Here are some of the actions we have taken to date: