convenes at a time of heightened uncertainty for the global economy. real growth is now projected at 3. 2 per cent for 2024 and 2025. the global economy is growing at a slower pace than pre - pandemic times but has shown resilience, and the risk of recession has receded. inflation continues to fall and is converging to the targets, albeit not fast enough. in the case of the usa whose target is 2 per cent, inflation is now 2. 6 per cent down from 7 per cent a year ago. the last mile is proving slow and difficult but the downtrend is expected to continue. risks to the global economy include geopolitical events, climatic events and natural disasters, cyber threats and attacks, as well as the high indebtedness of both the public and private sectors – all of which could undermine growth and financial stability. implications for the eccu what does this all mean for the eastern caribbean currency union? our projection for growth this year ( pre - hurricane beryl ) was 5 per cent, and another 5 per cent next year, powered by tourism and improved air connectivity. these projections will be revised after the macro - socioeconomic assessments for grenada and saint vincent and the grenadines are completed. we anticipate growth this year will be lower, while next year will be higher as the reconstruction gains momentum. inflation in the eccu ( 12 - month percentage change ) declined sharply from 9. 5 per cent in 2022 to 2. 2 per cent in 2023 and continues to moderate in 2024. for march 2024, the rate of inflation slowed to 1. 9 per cent and is projected to largely follow the trend in us inflation. credit to businesses grew by 5. 8 per cent last year, while credit to households grew by 2. 4 per cent over the same period. credit is projected to grow by 3. 8 per cent this year. asset quality – specifically non - performing loans ( npls ) – has slightly improved from 11. 2 per cent in 2023 to 10. 2 per cent as at march 2024. however, npls remain uncomfortably high and will be adversely impacted by hurricane beryl. the promise of artificial intelligence ladies and gentlemen, we are meeting in anguilla which is shortly titled ai. 3 / 5 bis - central bankers'speeches i therefore cannot resist making a passing comment on the phenomenon that is artificial intelligence ( ai ). the current revenue windfall

another practical demonstration of the central bank's commitment to support our youth and our region's transformation. immediate priorities before i conclude, i wish to mention some of the central bank's immediate priorities. these include : ease of opening bank accounts ; regional standards setting body ; 4 / 5 bis - central bankers'speeches office of financial conduct and inclusion ; financial literacy and inclusion strategy ; launch of eccu credit bureau ; and expansion of eastern caribbean partial credit guarantee programme. conclusion - a call for collective action ) our challenges are formidable but so are opportunities. i conclude with my oft - repeated declaration : " as a region, we cannot change our history and we cannot change our geography but we can elevate our development trajectory through innovation and collective action. " may god crown our collective efforts with tremendous success. i thank you. references 1. imf world economic outlook, april 2024 2. bis annual economic report, june 2024 3. eccb strategic plan 2022 - 2026 5 / 5 bis - central bankers'speeches