BVI News

Economy will grow over 6% next year — Premier

Premier Dr D Orlando Smith

The local economy is projected to grow by more than six percent next year.

That is according to Premier and Minister of Finance, Dr D Orlando Smith.

Dr Smith said the economy will grow through government’s efforts to contain its operational costs, increase the territory’s revenue base, and invest in recovery and development.

The Premier said he is also banking on a revived tourism industry.

“As our tourism sector recovers its landslide hotels, and villa properties repaired and rebuilt; we anticipate increased tourist arrival numbers in 2019. With the recovery of tourism and sustained performances of financial services, we anticipate real GDP growth of 6.4 percent in 2019,” Dr Smith said.

However, his projection of growth can only materialize if the territory ‘keeps things moving positively’.

He said the territory needs to “have a sustainable recovery and development process over the coming months”.

The Finance Minister said that involves providing infrastructure that is vital to the successful operation of local industries.

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4 Comments

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  1. Steady says:

    Slow and steady Premier! You’re the type of leadership that we needed for these tough times. We will prevail, we will get through.

  2. Sam the man says:

    Just stopped laughing at this ….man he don’t know what he’s doing does he? But he just keeps on spinning things – I think Dr Pickering has shared some weed with him to say this fantasy….after the devastation from Irma and the exodus of businesses and tourism to say that the country will even recover to what it was would be a miracle….but to say it will grow is complete nonsense – the “No Direction Party” continue to lead us nowhere and we just put up with it…..

  3. Diplomat says:

    If this projection is attained, that would be fantastic news for the BVI and its residents; they would have had an energized start in the race to recovery. Nonetheless, I’m a little curious about this optimistic number. What is fueling this sunny outlook/projection?

    The projected growth rate is outpacing the Caribbean Development Bank 2018 regional economic outlook. It is projecting an average regional economic growth rate of 2%; BVI, 3%. Furthermore, the projected 2018 budget has expenditures exceeding revenues by approx $54M. Wassup wid dat? The MoF need to share more information wid ah we.

    http://www.caribank.org/wp-content/uploads/2018/02/CDB_EconomicsDirector_Caribbean-Economic-Review-and-2018-Outlook.pdf

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