Finance Ministry: BVI economy performing well overall
Financial Secretary Jeremiah Frett.
Premier and Minister of Finance, Dr Natalio Wheatley and his Financial Secretary Jeremiah Frett have stated that the BVI economy is performing well overall, pointing to data showing continued growth across key sectors despite ongoing global and local pressures.
Their confidence in the economy comes amid growing concerns among residents and businesses about the rising cost of living and increasing operational burdens. But Frett linked the increase in the government’s yearly budget with broader economic activity, stating that increases in public revenue reflect underlying economic strength.
He pointed to the territory’s Medium-Term Fiscal Plan, saying indicators in that document such as employment levels, Gross Domestic Product (GDP), and sectoral performance show evidence of steady growth.
“We are normally very conservative with some of our estimates, but we always seem to outperform our projections,” Frett added. “Whether it be tourism, financial services, most of them you will see increases. There might be one or two that might have some retraction, but overall, the economy of the territory continues to grow based on the data that we receive and analysis that we have.”
While acknowledging that some residents may desire faster expansion, Frett maintained that the territory is outperforming expectations given current global conditions. “Some persons would like to see growth at a much bigger percentage level, but in the BVI… based on current economic conditions that we have faced with, we continue to perform well,” he said.
Premier Wheatley agreed with Frett and added that some might point to unemployment to downplay growth in the economy. But he said that isn’t an indicator that things aren’t going well.
Economy producing plenty jobs
He explained that unemployment figures are often linked to other phenomena such as a skills gap rather than a lack of jobs.
“Our economy produces a lot of jobs, and we continue to import labour. But there is a skills gap that exists among some persons who might have been schooled here in the Virgin Islands. And that’s some of the challenges that we’re seeking to address with things like the RATED programme, the labour department and their programmes, the H Lavity Stoutt community college,” the territory’s leader said.
In addressing the rising cost of living, the Premier said inflation is the culprit, stressing that external global factors are largely to blame, particularly rising energy costs driven by international tensions.
“We cannot control inflation because we’re heavily dependent on imports,” he said. “Conflicts… are resulting in the price of petroleum getting a lot higher… and that’s going to have a knock-on effect on shipping and the prices of all of the stuff that we import.”
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Yet no audited accounts for 10 years ………. How’s this information coming to us?
You all really Think People are Foolish. The VI Economy doing well when the average Person catching Hell with the high cost of Living on a Minimum Wage of $7.25? If that is the True Perception of this VIP Government Then, Indeed they are Not in Favor of the People trying to move above The Poverty Line. Why don’t Honourable Smith Lift the Suspension she laid on the Consumer Protection Bill well over a year ago? Why doesn’t the Hon. Premier Raise the Minimum Wage He instituted on more than Half the Average Single Parent Workers over a Year ago? Why Don’t this VIP Government really show the People of the Virgin Islands that they really got their Best Interest at Heart Not just when its an Election Period? The People of the Virgin Islands are Stiffled under this Present Government because of their Greed, Their Incompetence, their Lack of Profound Leadership and their Lack of Vision. This Territory needs a Government that will again along with the People Elevate It to the Standards of our Past Deceased Men and Women who meant well for the entire Population and Not just for Self and a Few.
The two can be true. The problem is, the wealthiest are getting wealthier and the money that is being made is not getting to the working and middle class.
This poor guy needs to go home
It is doing well but can do much better; Mr. Jeremiah Frett act like someone who have some kind of common sense and stop being a puppet for the VIP, not everything the yung man tells you you must do have some testicular fortitude.
Business people will have a different story to tell!
Says a man who never owned or ran a business so how the f**k would he know? The economy is great for anyone collecting 6 figures whether it rains or shines! We have so many delusional paper-educated people talking so much foolishness it’s tiring. The government collecting revenue from certain areas does not mean the BVI economy is doing good. Ask the businesses how the economy is and they will tell you it is horrible and it’s because money is not circulating and people are leaving monthly and not coming back. The persons coming to the BVI lately are the hustlers who will work 12 months, save all their money and leave. The businesses hardly have a consumer base to cater to, meanwhile we are digging up all roads, all over, paying for parties and listening to people like the FS who would not survive 1 week in the real world. It’s funny how the people that play Monopoly with the government funds always pretending to know so much when they are totally out of touch and clueless.
Doing well for whom? That should be the real question.
Clueless, a set of them in positions they were not ready for. I hope none of his deputies will even be considered for the job when he retires.
The BVI is the only place that would take an engineer and put them in charge of the Finances of the country. I mean, what is the UK doing? Why do they allow these things?
the elected Rats are busy eyeing the cheese.
Soon, very soon they will secretely give themselves a 100% cost of serving salary increase. This in addition to the Greedy Bill the 300% increase they recently gave themselves.
Thoseeeonomic injustices were their unspoken and hidden agendas from day if elected, and they did.
Meannwhilee, eevereeyonee elsee have tro make do with the daily robbery of the averagee and poor folk who are surviving on $7.00 an hour pay scale.
Injustice and greed will be their down fall.
NDP knows that history well. VIP will learn the same come election day. All 13 must go if the country is to cath a breath of fresh air and a chance to make progress forward.
1. Finance minister is not qualified and never has been
2. Where are the AUDITED accounts..
This is a banana republic
Not qualified period. He couldn’t even get the Ministry he was assigned to first moving.
Both of them just there sitting and talking a bunch of hogwash. We are barely making ends meet with:- Tithes & Offerring $250
Rent $950
Electric $120 (varies,highest ever paid)
Water $70.00 (varies, highest ever paid)
Internet $142
Transportation $100 (drives to/from work or
Church, walk to do errands)
Grocery $685-$800(home cook most meals and
has a small patio garden)
Private Insurance $404
Personal Loan $300
Healthcare (meds) $150
Vision care (Eyedrops) $105
Basic Dentalcare up to $200
Personalcare (Hair/Nail, ocassionally) $130
Trip (by Ferry to see ailing parents/family) $175
We don’t all go at the same time. Most time each parent take one child or go alone to St. Johns.
We still trying to figure out how to make all this happen in a two parent-household on $8 and $12 hourly wage working 8 and 12 hour shifts, 6 days weekly respectively, with two School age fraternal twins.Going back to School isn’t in the cards right now because there’s no way either of us can squeeze the fees to pay for that. Sometimes, i having that NHI card is a waste of time because employers are deducting but not making the payments to the requisite Gov’t entities. I am so glad we are able to still upkeep our private insurance payments because it has become a tremendous help if either of us or our children becomes incapacitated. A second job also helps but it isn’t always regular but we manage to make our monthly obligations without having to incur any additional fees.
Stop telling the people what you think they want to hear.
The economy is NOT good! The economy is producing a bunch of LOW income jobs. Plus You have law firms here that know how to work around your labour laws and you know it and allow it.
How many local people make as much as Frett.