In 2003, Grenada had a population of approximately 91,000 people and a GDP of $385 million. The country was led by Prime Minister Keith Mitchell who had served since 1995. The government was focused on promoting economic growth and improving public services.
According to computergees, the economy was mainly driven by tourism and agriculture, as well as manufacturing and financial services. In order to bolster economic growth, the government implemented several reforms such as tax cuts for businesses, tariff reductions for imports, and foreign investment promotion initiatives. Additionally, access to education and health care services were improved due to increased investments in these areas.
Despite the progress made in the country’s economy, Grenada also faced some challenges in 2003 due to its small size and limited resources. This included a high level of unemployment which caused an increase in poverty rates as well as gong conflict with neighboring countries over resources such as water or mineral rights. Furthermore, the government struggled to control corruption which hindered the effectiveness of its reforms and limited foreign aid funding from international organizations such as the World Bank or IMF. Despite these challenges, Grenada showed signs of progress in 2003 which included increased economic growth rates that were higher than other Caribbean countries at the time.
Grenada. According to Countryaah.com, Grenada Independence Day is February 7. Grenada was forced to borrow money from the International Monetary Fund (IMF) at the beginning of the year to cope with the economic setback that Hurricane Lili had caused. Lili pulled over the island in September 2002, causing major damage to fields, roads and other infrastructure.
The economy was also hit hard by a sharp fall in the price of nutmeg, which is by far the country’s most important export product. The price on the world market fell by a third and the forecast for G. economic growth during the year had to be written down. Every third inhabitant is dependent on nutmeg cultivation for their livelihood.
During the year, the country cleaned up the banking sector, which devoted itself to offshore operations. This means strict confidentiality rules that can facilitate financial crime. The tightening caused the US authorities to withdraw their instructions for financial cooperation with the country in June.
In the fall, Amnesty International called on Grenada to review the trials against the 17 people imprisoned on the island for the assassination of socialist leader Maurice Bishop in 1983. The human rights organization considered the trials to be flawed. However, the Government pointed out that the Truth Commission appointed in 2000 to investigate the events must first be able to complete its work.
In the November 27 parliamentary elections, Prime Minister Keith Mitchell and his party New National Party (NNP) were re-elected for a third term. However, the NNP’s victory was scarce: 8 out of 15 seats against the opposition National Democratic Congress (NDC) 7 seats. Before the election, the NDC had no seats in Parliament.
Grenada has experienced significant economic growth during Mitchell’s reign, and more and more people have been employed, which was considered to be the cause of the election victory. However, despite the NNP retaining power, the election was considered a hardship for the party, which previously held all seats in parliament.
Grenada Brief Guide
According to AbbreviationFinder, the island of Grenada is located in the southern Caribbean and is the largest island in the Grenadines archipelago. The island is known by the nickname “Spice Island” and is one of the world’s leading producers of nutmeg and cloves. Grenada is still relatively poorly known and tourism on the island is relatively low and focuses on locally owned boutique-type hotels.
For this reason, the island offers many unspoilt beaches, native Creole culture, rainforests, rum distilleries, wild monkeys and lots of congested diving sites – more than 50 well-known wrecks lie on the coast and the coral reefs around the island are within walking distance of the beach. Grenada is a great destination for those looking for an authentic Caribbean vacation who doesn’t need tax-free shops and all-inclusive hotels.
|344 km 2
|East Caribbean Dollar
|How to fly
|Via Miami, New York, Toronto or London
|New York or Toronto
|To the smaller islands of Grenada
|Barbados, St. Vincent, Trinidad & Tobago
|One nine-hole course
|The best time to travel
|Between January-May or November-December