Budget Speech 2011 - Government of Grenada

Violence Act – landmark legislation and the first of its kind in the
OECS.
Shortcomings
Mr. Speaker, the foregoing achievements clearly demonstrate that our
Government worked hard and accomplished much notwithstanding
significant financial constraints. That said, we also acknowledge that we
fell short in some areas. In that regard, Mr. Speaker, I wish to mention
three areas in particular.
First, the implementation of two key public sector projects:-
Design and contractual issues resulted in delays of the Grenville Market
Project and Agricultural Feeder Roads Project. I will return to these
projects later.
Second, the commencement of Key Private Sector Projects:-
Regrettably, several major private projects mostly tourism developments
including Levera, Bacolet Bay and Virgin Beach did not commence as we
had hoped.
This was despite the best efforts of these prospective investors and constant
communication and facilitation by Government. Financial institutions are
cautious about supporting many investment projects due to the uncertainty
of global economic recovery.
And finally, the delay in completion of Growth and Poverty Reduction
Strategy: - I will refer to this issue later on in my presentation.
Mr. Speaker, I now turn to prospects for the Grenadian economy.
3.4 Prospects for the Grenadian Economy
This year, the global economy and the US economy are projected to grow
by 4.2 per cent and 2.3 per cent respectively.
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2011 Budget Statement