Economy to be assessed after first two weeks of internal reopening
Premier Andrew Fahie has said an assessment of the local economy will be conducted following the end of the first two weeks of the territory’s internal reopening.
Premier Fahie said all activities during the first reopening phase must be to build the internal economy.
“Within the upcoming 14-day period, the Financial Secretary will be assigned the task to assess the performance of the economy in order to determine the progress and health of the internal economy while it is being rebooted,” Fahie stated.
“To ensure that this is accomplished, proper measures measuring the economic reboot and rebooting of our economy those proper measures will ensure the forecast of our progress is most important,” he added.
National flow of income critical for economy revival
Premier Fahie further described the BVI’s economy as being in a ‘fragile’ state and said that rebuilding an economy during a pandemic can be a major economic challenge.
He said he believes that unless the BVI starts to recirculate cash-flow internally the economic future of territory will suffer a number of setbacks.
“The British Virgin Islands’ economy went completely flat after almost a month of shut down, with the exception of importation of cargo and business activities generated from essential workers, there was no contribution to the national flow of Income,” Premier Fahie stated.
“The national flow of income must be given the opportunity to grow or we can have a collapsed economy, which means not enough internal activity to support growth. Therefore, creating a strong business environment is most important at this time, in this new regular,” he further explained.
Premier Fahie also asked all residents and businesses to continue to exercise the necessary COVID-19 precautionary measures.
He said once these measures are properly adhered to, more businesses will be given the green light to gradually reopen, as the territory continues its phased reopening approach.
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Right direction , but I fear that amoung the first things that will be realized is that the economy could have done TWICE AS WELL if the work day had been extended to 4pm and curfew at 6.
Critically , with everyone having access to the streets within what is basically an 8 to 12 day , people are still being corralled into an unregulated and narrow window of time.
Just my layman’s perspective
Th economy will not realise much during this curfew. Hours of 6.01 am to 1.00 pm does not give anyone business or individual to do hardly anything. The construction industry which employs many will be stagnated by this unrealistic curfew. The curfew need to be extended to 4.00 pm. We already know that this pandemic is a global nightmare and economies are already suffering. We depend heavily on tourism and that is dead for our borders are closed; borders in other countries are closed; cruise tourism is dead for the CDC has put some heavy restrictions on it. What else do we have to get our country going Premier?
As much as I like getting out on my porch at the 6-
o-clock hour to usher in the New day with a sense of optimism, the harsh reality with the fading performance of Financial Services @ a declining $30-millions annually and a workforce capable and eager to work remains locked down in their homes, the harsh reality and picture facing us remains Dark and gloomy. What economic performance is there to really, really access? How do you access something that hardly exists?. BVI doesn’t produce anything (we used to make dinghys some years ago but fiberglass killed it with its faster/less expensive process). It wouldn’t matter how many sheets of plywood, 2x4s, galvalume, pounds of nails, bags of cement etc are unloaded at Port Purcell if the construction workers are home locked down while those materials sit in warehouses. The 2020 module vehicles unloaded at Port Purcell wouldn’t matter if the people who will be purchasing them are working Part-time. The Banks wouldn’t approve application for part-time wages
I let you out for a few hours. But you have to get back to your cells.
These people crippling the economy. 6am to 1 pm? Why not 8am to 3pm?
By the time you get in to work for 8:30 (in case of government 9am), and turn around two times it is noon… time to go home… Curfew needs to go from 6am to 6pm. come on! Its summer. Its light until 7:30pm
Anyone guessing that the Minister of Finance has put off his stimulus package again because he does not have anything to offer???
The VI economy was rebounding from the devastating Sep 2017 hurricanes and now the Covid-19 pandemic has crippled the economy. For example, tourism, 1/2 of the economic twin pillars, has stalled and it will take some time to rebound. It will not rebound as soon as the air and seaports are re-opened. Tourism, a critical part of the VI service-based economy, depends heavily on a favorable economy(s) in the US, Canada, Europe…….etc. The economies of these locales as the economies of the rest globe are reeling from a recession with a depression likely. There are some rough seas ahead.
Government normally is a major direct and indirect employer but it will have to play a greater role now in assisting more residents. It will have to take some bold steps to provide a secure place for residents. It may have to provide unemployment insurance, housing allocation , food allocation …….etc. How long?
Moreover, as a part of the New Deal in the 1930s, the US created 2 programmes, ie, Public Works Administration (PWA) and Works Project Administration (WPA) to bolster the economy, create employment……..etc. The WPA employed (direct government hires) million of workers ( mostly unskilled) to work on public works projects, ie, constructing public buildings, constructing, repairing and maintaining roads……etc. On the other hand, the PWA outsourced project to construct dams, bridges, hospitals, schools……etc. The BVI can consider benchmarking these two programmes to get needed projects done, put people to work, keep the economy afloat….etc
On another note, the UK should establish a Marshall-style plan for the BVI and other OTs to resuscitate their Coronavirus-impacted economies, during this unprecedented time and challenging period.
Well, mi boy, you deh States too long. What work in states may not work here. Plus States is a big place with nuff resources and the BVI is a tiny dot wid limited resources. All dem tings you proposing sound like cradle to grave socialism. Government will be under heavy strain trying to do all these things and they are not sustainable. You dreaming, if you think the UK going develop a Marshall plan for the OTs. The UK has already exploited as much value from colonies as it could get and does not give a rat’s a..s about West Indian OTs. Man want wuk though. My 2 cents.
@@E.Leonard, there are some pearls in your mixture of colloquialism, twang and queen’s English. Why the mixture? Be fish or fowl. Yes, I was in lockdown for two weeks so I’m up tight SOB. Look like you hate Socialism. So government must do nothing and do as Marie Antoinette, Queen of France, supposedly said, “Let them eat cake” ? Here is a news flash. Socialism was in the BVI long before the Coronavirus sailed or flew into the BVI.
Agree with Disinterested below that governments has lots of things that need doing and should exploit this opportunity to get them. Use the stimulus to put people to work, knowing that government action is not sustainable.
Also like E. Leonard idea(s) of government taking a look at the PWA and WPA programs and fashioned them to meet the BVI needs; no need to reinvent the wheel. The UK providing a Marshall Plan for OTs. Well that is real talk but probably fall on plugged ears. It was good being out for some hours yesterday day. Be safe and let’s not give them ammunition to lock us down again.
Government has lots of things that need to be done and people out of work and will be perhaps for a while. And if government going to give people stimulus money put dem r…s to work. This is mutually beneficial to both government/taxpayers and workers. Nice! I like it. Let’s get started. First, let’s us start fixing the road properly. Then we can clean up and beautify the place.
There will be very little left of the tourism industry at this rate.
No visitors till at least November. And then probably very few.
How are businesses supposed to pay rents, leases, mortgages, loans, boat owners , maintenance etc, never mind their employees.
The govt sits on a vast cash pile in the Social Security fund while the BVI burns and people go hungry.
So I’m out of work two more weeks so you can assess the economy. Unless you open it entirely there won’t be an economy. Even you said it’s on the verge of collapse.
foy and he gang already killed the economy
There are tourist wanting and waiting to return to the BVI. If this continues too long before allowing tourism, will there be a BVI to visit?
There are tourist wanting and waiting to leave. Return visitors that will never be back.
will there be a BVI to visit?
Good question residents cant come back until june and will likely face mandatory quarantine upon arrival.
I can not imagine how tourism will work if they dont let nature run its course and achieve herd immunity. We are fighting against nature in an attempt to stay dry in the rain.
Between pandemics, cancer causing pollution, and man made climate change, the world has reached its carrying capacity. This is only the beginning.
Nowhere has a good economy nor tourism working right now. Let’s work with our government as they continue to do a good job far better than most countries small and big during this Covid-19 era.