Grenada obtained its political independence from Britain on February 7, 1974 and the anniversary is being observed with a public holiday on Monday.

ST.GEORGE’S, Grenada, CMC – Grenada is observing its 36^th year of political independence from Britain with Prime Minister Tillman Thomas emphasising the need for sound economic management in a global environment characterised by a financial and economic crisis.

Thomas said that the impact of the crisis had been severe on Caribbean countries that have seen steep declines in remittances, declines in revenue from tourism, reductions in financing, direct investment and grants with unemployment rising considerably.

He said as a direct response to these developments, government’s around the world have moved to implement massive fiscal stimulus packages, financial sector bailouts and corporate rescue packages to contain unemployment levels and to forestall prolonged contraction.

“We in Grenada have implemented our own stimulus package despite our limited resources. This targeted intervention in specific areas was able to bear fruit and we were able to keep our economic ship afloat.”

He said the local economy has been stablised and the island’s international financial credibility has been restored.

“Our bold and resolute approach to sound economic management enabled the achievement of many goals. Most importantly, it laid the basis for transforming Grenada into a dynamic, prosperous and stable society, capable of sustaining a high quality of life for all Grenadians.”

But Thomas, whose administration came to power in 2008, said that the country must build on the positives arising from the global crisis so as to “position Grenada for takeoff when growth returns.

“That is why, after very careful consideration, consultation and analysis, we have come to the conviction that the economic sectors and activities which hold the greatest opportunities for our country are health and education services; tourism and hospitality services; energy development; agri-business and Information and Communication Technology (ICT).”

Thomas said it was important for these sectors to lead the economy over the next 20 years.

“This will be the focus of our economic thrust,” he told Grenadians, noting that the theme for the independence celebrations “speaks to our collective desire to break from our history of conflict and political turbulence”.

“Our recent experiences during the years 1974, 1979 and 1983 remain unsavory but instructive. It speaks of the dreams and aspirations of our fore fathers and patriots to build, aspire and advance as a people,” he said, adding that the theme of “Love and Togetherness” signals the emergence of a new dispensation in Grenada.

Grenada obtained its political independence from Britain on February 7, 1974 and the anniversary is being observed with a public holiday on Monday.