BVI economy ‘on its back’ — Walwyn

Sixth District Representative Myron Walwyn has argued that the BVI economy is “flat on its back”.

He insisted that there are no apparent plans to revive it and declared that nothing is in the government’s budget for the territory’s people. During yesterday’s budget debate in the House of Assembly, Walwyn criticised the government for failing to address critical issues impacting families, businesses, and the overall economy.

“The ordinary folks in this country are having a very difficult time to make ends meet. The high cost of living continues to spiral out of control,” Walwyn stated.

The Sixth District Representative referenced soaring expenses for basic needs such as groceries and rent. He further highlighted that the middle class is disappearing, leaving a widening gap between the wealthy and those struggling to survive. Walwyn also targeted the government’s approach to tourism, calling it ineffective and lacking vision.

He pointed out that while tourism remains a primary economic driver, the territory is losing its competitive edge. “We are not paying sufficient attention to what we are supposed to be doing. Our tourism product remains stagnant and is dying on the vine,” he warned.

A key area of concern was the government’s inadequate funding for tourism marketing. Walwyn revealed that the BVI Tourist Board only has $1.2 million for marketing after covering operating expenses. “How are we going to be competitive with $1.2 million when your competitors next door, their marketing budget is upward of $20 million?” Walwyn questioned.

Lack of planning

Adding to the criticism, Walwyn expressed frustration over the lack of planning for large-scale investment and economic diversification. He noted that the Virgin Islands government has yet to establish an Economic and Fiscal Advisory Council, as the Public Finance Management Act of 2012 recommended.

“No wonder we continue to lose the competitive edge that we once had,” he said, contrasting the BVI’s inaction with proactive measures in the neighbouring US Virgin Islands. Walwyn called on the government to prioritise policies that foster investment and support small businesses, which he described as the engine of the economy.

“[Small] businesses are struggling to keep their doors open,” Walwyn said as he expressed concern over the limited resources allocated for business development. The Sixth District Representative urged the government to adopt a more strategic approach to tourism. “We have to get back to those 2016 numbers. That is where we need to be,” he said.

Walwyn also reiterated the Opposition’s willingness to assist in addressing the territory’s economic challenges.