Anguilla’s Economy Rebounds in 2013
By the Caribbean Journal staff
After a difficult 2012, the economy of Anguilla appears to be moving toward recovery.
The island’s economy is projected to grow this year by about 0.93 percent, following a contraction of more than 2.61 percent in 2012, according to data from the Eastern Caribbean Central Bank.
Anguilla, like much of the region, was hit hard by the global financial crisis, particularly due to its reliance on the tourism sector.
Now, the government says it is looking to diversify its economy and “move away from a heavy reliance on once sector,” it said in a recent policy note.
Part of that drive involves promoting the island as a destination “open for investment,” along with an increase in support for entrepreneurship and small business growth.
In a release following last month’s Overseas Territories Joint Ministerial Council, the government said it had begun work with the Anguilla Community College and the island’s Financial Services Commission to introduce training in skills “necessary for the financial services industry to grow.”
Anguilla’s estimated growth for 2013 would put it in the middle of the pack in the Caribbean region.