BVI’s economic growth could reach 3.5% by end of 2022 — Premier
The Ministry of Finance has projected that economic growth in the BVI could surpass three per cent by the end of this year.
At the height of the COVID-19 pandemic, the BVI’s economy contracted drastically partly because the territory closed its borders and implemented strict rules for those wishing to visit as tourists. But during his budget presentation yesterday, Premier and Minister of Finance Dr Natalio Wheatley gave statistics which confirm that the BVI’s economy started showing signs of recovery.
The Premier said the local economy was boosted last year by a return of activities in tourism which then spurred activities in other areas such as the wholesale and retail industry and food and accommodation services.
Another area which showed growth in 2021 was real estate and Premier Wheatley said this area thrived because the government decided to waive stamp duties for Belongers and Virgin Islanders who purchase property locally.
“Confidence in the financial services sector continued to show with the small but steady growth while activities in other economic areas realised increases as well,” Premier Wheatley stated while speaking about economic growth in 2021.
He added that the government is expecting the economy to continue growing in 2022 and is expecting tourism to contribute largely to this growth as it did in 2021.
“At the end of 2022, we expect tourism-related activities to continue to boost economic activities throughout many sectors including accommodation and food services, wholesale and retail and transportation and storage,” Premier Wheatley stated.
Other areas that are expected to contribute to the territory’s Gross Domestic Product include construction in the private and public sectors, the e-government administration initiative and the administration of the Commission of Inquiry recommendations.
“Given these planned activities, the Ministry of Finance and the government are confident that our output performance for 2022 could close the year at a 3.5 percent growth in comparison to 2021,” Premier Wheatley said.
The Premier also revealed that the areas that employ the most people (aside from the Ministries of Health and Education) are construction, wholesale and retail, financial services, professional services and administrative services.
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My hair could grow by 3.5% a year too. But
that might not happen either.
What a meaningless statistic. Anyone can
claim that something might happen…..
During the Covid period no one saw it fit to tell us that the economy contracted because to tell us this would mean that we would know even more that your spending spree during that period was ridiculous. You were an apart of that government Mr. Premier. In fact you were the chief cheerleader of your past leader. Now you find time to tell us that it will be up by year end by 3%. How much was it down? It could have been down 10% and now has regained 3% of that 10%. We are not fools.
It could and could not. This guy never gives FACTS
So you’re saying a 3.5% increase yet in trality a net negative from pre-pandemic numbers which is what you should be gauging things by anyway.
Politicians and their slippery numbers and skewed statistics
to baffle to common folk.
Talk facts and base them on concrete numbers – no pie in the sky bull$hit to spin what is clearly poor circumstances.
The only sliver of light is there is indeed a perceived uptick in the economy on the Tourism side because it could not have been worse these last few yers!
Based on tourist arrivals probably shrank by as much as 60%
We need an election this Government has to go.
Better chances of him going chop some of that unsightly bush round the place.
One day head c resign, the next day the media getting drowned with all these no-action plans. Almost as if head c now on payroll as consultant for this sad, lost mortal.