The Eastern Caribbean Central Bank (ECCB) is projecting growth in the Eastern Caribbean Currency Union (ECCU) to be between three and four per cent this year.
The ECCU consists of eight island nations and territories, namely Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines, all sharing the Eastern Caribbean Dollar (EC) as their common currency and managed by the ECCB. In his annual Christmas message, ECCB Governor, Timothy Antoine said that despite the heightened uncertainty with the global economy, ‘our hyper-open economies continue to demonstrate resilience’ and that growth in the ECCU is likely to be around 3.7 per cent in 2025, slightly higher than 2024.
‘We are grateful that our fair isles were spared a major hurricane during another very active hurricane season. Our thoughts, prayers and practical support continue for the people of Jamaica and other countries affected by Hurricane Melissa. Our EC dollar remains strong with a current backing approaching 99 per cent and our international reserves continue to grow,’ Antoine said.
He said inflation, largely imported, though still challenging, has slowed compared with the past three years.
Antoine said that this past year, the ECCB advanced its shared agenda for transformation and shared prosperity on multiple fronts.
He said the highlights in 2025 include the launch of the First Step Account in partnership with the ECCU Bankers’ Association, the launch of Regional Energy Infrastructure Investment Facility (REIIF) in partnership with the World Bank and the launch of the Retail Government Bond programme with the Grenada government.
‘As we set our sights on 2026, we are mindful of climate change and the everchanging geopolitical environment. In respect of economic prospects, we currently project growth in the ECCU between three and four per cent’.
He said that the ECCB will launch a new strategic plan focused on its ‘Big Push’ challenge framed as a simple question, ‘what will it take the double the size of our economies over the next decade? And personalized with the question: what will it take to double your net worth?
The Grenadian-born ECCB Governor said that the ECCB focus for next year will include financial stability, the establishment of the Office of Financial Conduct to better protect customers of financial institutions as well as the establishment of a regional regulator for the Citizenship By Investment Programmes (CBI).
In addition, Antoine is hoping for the expansion of the Retail Bond programme to help more savers become financial investors, Data Privacy and Protection, Data and AI Strategy and the modernisation of the payments and financial Inclusion.