BVI poised to double its revenue, add $100M in 7 years — Premier
The BVI can possibly double its revenue in the coming years and is largely banking on its twin financial pillars of tourism and financial services to get there in record time.
Premier and Finance Minister Dr Natalio Wheatley expressed this sentiment recently; noting that the BVI is well-positioned for economic expansion given its current trajectory.
Dr Wheatley recalled that as far back as 2001, the territory had a budget of $192 million but has just about doubled it in 2023 with a budget of nearly 400 million dollars.
He suggested that the territory can double its revenues again in an even shorter timeframe than it previously did.
“We are poised for growth. We can’t imagine ourselves to stay at the revenue figures where we are now,” Premier Wheatley said. “Just like in the last 20 years, we doubled our revenues, we have to double it again — and we are poised to double it again.”
“We’re at $376 [million]. You know, we have to add another $100 million to that. By 2030 let’s add another $100 million. And we can do it,” he stated.
However, reportedly high unemployment levels for locals — a theme the Premier and other lawmakers have highlighted over the years — did not appear to be a troubling factor for this prediction for growth.
“Our economy is producing jobs, upon jobs, upon jobs, upon jobs — to the point where you have to import people to do work — and you have lots of work permits that you issue each year. So our economy is doing well,” Dr Wheatley stated.
In the meantime, the Finance Minister also looked at other factors that might spur the territory’s growth, such as the BVI’s indebtedness. He pointed out that the BVI has never defaulted on loans and has a good debt servicing ratio.
He noted, too, that the BVI needs to find ways of diversifying its economy and pointed to food production and ‘light manufacturing’ as possible avenues for getting this done.
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As usual …. vague comments made by this man, predictably devoid of facts, or a presentable road map to even achieve this goal.
This is good news and good work by government. Just spend and invest it wisely.
ha haha hahahaha AHAHAHAHAHAHA!
Just need the Goose to lay the golden egg
Most post on this site never see the good in anything pertaining to the BVI and its people. SAD.
Typical head-up-the-posterior pronouncements by Wheatley. He don’t understand that if the COI reforms are not made, if the BVI leaves the UK, the financial industry will be gone in a flash. There is no “BVI financial industry” — it is “an international financial industry located in the BVI”. They will be on the next plane out, moving to places like the Isle of Man, if the BVI breaks from the UK.
is not a good character trait in politicians or the clergy but the BVI seems to be blessed with it from both groups this new year.
What is your definition of growth if it doesn’t include decreasing unemployment rate and increasing Labour participation and the number of thriving small business metrics. This guy, Sl** Wande, and the Unified A**Clowns are a waste of time. But the again so are all of the contenders.
HE IS PREMIER BY DEFAULT
I don’t take nothing this man say serious tbh.
And without a flourishing drug business it is going to be Dorangos to donkeys.
Its a sad day when the people of the country have more brains with the people who supposed to run the country.
There is no shortage of jobs out there. Seems like those who are unemployed have the wrong attitude or feel they are deserving of $$$s beyond their experience and qualifications. I never met a BVIslander who wanted a job to be out of work.
More crap with no facts.
I was wondering if we have two sh dem / his holiness csc is now in his psychic mode now and BIG youth seems to be practicing the moonwalk now ?
ALL JOKES ASIDE AND RESPECTFULLY MR.PREMIER AND PLEASE ANSWER ME. SO IF THINGS SO GOOD AND WE HAVE A GOOD ECONOMY WHY ON EARTH IS PUBLIC SERVANT INCREMENT IN DEFAULT UP TO 5 YEARS PLEASE EXPLAIN.. SO YOU ARE TELLING ME THE MONEY THERE BUT YOU GUYS JUST WILLFULL AND NOT WILLING TO PAY??? PLEASE PLEASE ENLIGHTENED US
Vague waffle from the Premier, based entirely without facts, but just on incorrect extrapolation.
Government income from Financial services is under threat from increased global regulation, so though the BVI does an excellent job of keeping relevant, the global trend for new companies is inexorably down. The private sector has recognized this by diversifying financial income streams, but the Government doesn’t have a plan. And the private sector could move in a heartbeat if the BVI Government ignores the CoI’s requirements for better governance and an end to cronyism, incompetence and corruption.
Give the man a chance
$192mil in 2001 at 3.5% annual interest would be worth $409mil today. At 3.5% continued growth revenue for 2030 is approx $100mil more. The problem is this growth rate is less than price/expense inflation
This guy just discovered a deposit of fools gold. There is no plan to grow the economy. Offshore banking glory days are behind us. Has he looked at the international threats to this industry and seriously se major growth coming. If we go independent, at least half of these companies will go. All of the major offshore centers have British connection. You cut that you lose it. there will not be any exponential growth for us in tourism for now. We are high priced, difficult and expensive access and limited capacity. Tourism growth is going to be incremental in todays world. You have to think outside the box along with sound planning to achieve that. Unless we find oil like Guyana. Not very likely.