Member countries of the Eastern Caribbean Currency Union (ECCU) are having to weather economic challenges with the advent of COVID-19. Governor of the Eastern Caribbean Central Bank, Timothy Antoine, has indicated that a contraction of 10 to 20 percent is expected throughout the ECCU for the year 2020.

Highlighting four key action plans, the governor noted that necessary steps must be taken as the world seeks to coexist with the virus. The key action plans include following health protocols, expanding connectivity, adoption of a growth mindset and managing finances wisely.

The governor said the pandemic has presented several opportunities that can be seized if approached with a growth mindset, and explained that the proper management of one’s finances is critical. He highlighted steps that should be taken—including identifying essential and non-essential spending, and utilizing available financial relief.