Reflect on the fiscal policy issues that emerged in Grenada during 2024 by sourcing Budget Alert: Volume 4 – Fiscal Policy Issues in Grenada 2024, by contacting Wescan at wescand19@gmail.com or by telephone at 1 869 763 6308.
Budget Alert Volume 4 could also be sourced online at https://outskirtspress.com/budgetalert_volume 4.
Budget Alert Volume 4 is an assessment of the socio-economic indicators and economic issues that arose in Grenada during 2024 and, in particular, unemployment trends, population characteristics, government finances, and economic transformation.
In Budget Alert, the analysis of labour force surveys for the quarters ending June, September, and December 2024 showed a continued decline in unemployment, driven largely by improvements in youth employment. However, youth unemployment, while declining, continued to be sticky downwards, and female unemployment rate was above both male unemployment and the national average unemployment rate.
The findings from the 2021 Population and Housing Census, as outlined in Budget Alert, revealed modest population growth over the decade and a largely unchanged balance between males and females.
The census showed improvements in educational attainment, earnings, and access to public utilities.
However, the data also pointed to the existence of vulnerable segments of the population characterised by lower incomes and inadequate household amenities, suggesting the need for targeted social and economic policies.
Budget Alert Volume 4 includes an assessment of fiscal performance in 2024. The fiscal year began with strong government financial performance, but this was significantly disrupted by the impact of Hurricane Beryl on 1 July 2024. Consequently, Section 9 of the Fiscal Resilience Act was activated, and the primary balance rule and the debt target were suspended.
Notwithstanding, the receipts through the Investment Migration Agency (IMA) and inflows from the Caribbean Catastrophe Risk Insurance Facility (CCRIF) contributed to the favourable fiscal performance in 2024.
The disaster caused by Hurricane Beryl necessitated a supplementary budget and contributed to the delay in presenting the 2025 national budget before the start of the new fiscal year.
While best practice supports the presentation of the budget before the beginning of the financial year, the Constitution and the Public Finance Management Act provide legal provisions allowing the Minister for Finance to present the budget within the first three months of the new fiscal year.
Budget Alert Volume 4 includes a series examining the historical transformation of Grenada’s economy, beginning with developments in the 1950s and tracing the evolution of economic structures and policies over time.
The feature article explored debt dynamics through an analysis of Barbados’ debt-for-climate swap arrangement, focusing on the implications for creditors and investors.
In summary, Budget Alert Volume 4 provides a comprehensive review of social, economic, fiscal, and policy developments in 2024, offering reliable and insightful analysis of issues affecting Grenada and the wider Caribbean region.
Read Budget Alert Volume 4 which is assessed as:
Budget Alert: Volume 4 occupies a specialized niche within economics, fiscal policy, Caribbean public finance, and public policy commentary. Rather than functioning as a traditional economics textbook or academic monograph, it combines policy analysis, economic journalism, historical commentary, and public education into a collection of topical articles focused specifically on Grenada’s fiscal and economic development.
Budget Alert: Volume 4 is described as:
An annual economic reference.
Written specifically for Grenadians and Caribbean readers.
Evidence-based rather than politically partisan.
Practical rather than theoretical.
Suitable for policymakers, students, educators, journalists, and business leaders.
Budget Alert: Volume 4, which presents fiscal information in an organized and explanatory format, provides a reliable and accessible source of information for citizens and policymakers. (Outskirts Press, Inc.)
Reflect on the major fiscal policy issues in Grenada during 2025 to be published, Budget Alert Volume 5: Fiscal Policy Issues in Grenada 2025.
Knowledge is power and experience is the greatest teacher.
Disclaimer: This article is written in my personal capacity and not in my capacity as Chairwoman of the Fiscal Resilience Oversight Committee
Laurel Bain is a Grenadian-born former economist with the St. Kitts-based Eastern Caribbean Central Bank