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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