BVI News

Gov’t expects modest economic recovery in 12 to 18 months

Premier Andrew Fahie

Premier and Minister of Finance, Andrew Fahie has stated that his government expects the BVI economy to make a modest recovery within the next two years.

The Premier disclosed this prediction at a forum hosted by the Economic Commission for Latin America and the Caribbean (ECLAC) where countries discussed solutions for economic progress post-COVID-19.

“While the tourism sector remains at the very early stages of recovery after a border closure of nine months, we estimate that the tourism sector, and the wider economy, will make a modest recovery within the next 12 to 18 months,” Premier Fahie told the forum.

He added: “This is welcome news for us (the BVI) after a GDP decline of 18% in 2020.”

Premier Fahie also pointed out that the BVI’s post-COVID recovery will depend on the vaccination of the community.

“Within the next two months, we hope to have 70 per cent of the population vaccinated. This will significantly improve the social outlook of the society and allow all of our students to return to school. Beyond the education sector, reaching the 70 per cent vaccination threshold will allow the society to begin to resume normal social interaction,” Premier Fahie explained.

Other countries can learn from the BVI

He added that the BVI has built a good foundation on which to accelerate the growth of the economy, adding he believes other countries can take lessons from the BVI’s handling of the economy.

“We reopened the tourism sector for businesses on 1st December 2020 under robust health and entry protocols, including a testing regime of three tests and quarantine. These include a test before arrival, a test upon arrival and a test after quarantine of four days. This system has proven incredibly successful in netting and isolating cases of COVID-19 before infection can spread to the local community. A final test is required before departure from the islands. We believe our model may provide good insights and lessons for other economies that also rely heavily on tourism,” Premier Fahie said.

Premier Fahie’s statements on the outlook of the economy come amid news that the government will be reopening its cruise port to ships in the next three months.

The positive economic outlook also comes amid criticism that the extended closure of the marine borders will damage the BVI’s reputation as a tourism destination in the Caribbean.

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15 Comments

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  1. Stupid Is as Stupid Does says:

    The only thing other countries can learn from this nonsense is how not to do it.

    Like 31
    Dislike 4
  2. Haha says:

    Sorry but we believe that other countries can learn from our model?? They did learn and they took the business from the BVI!
    Other countries took PASO and WHO monies to implement protocols and still let tourists in with test only and didn’t decimate their economies.

    Like 29
    Dislike 2
  3. Lmao says:

    Other countries learning what NOT to do. The world is moving forward.

    Like 13
  4. Horrible says:

    I swear the Premier and his government has no shame. We can see that they did a rotten job with the economy. Incompetence was the order of the day but yet they turn around and want to sell a success story to us and to the world while we all have stress and God knows what else. Premier, your performance was horrible!

    Like 24
    Dislike 1
  5. @ ASKING says:

    Is this fella still dreaming

    Like 17
    Dislike 1
  6. Truth says:

    The reality is if it was not for financial services the BVI would be TOTALLY DOOMED so I am not sure why Government is acting as if they did something to help the situation. Every single business and employee in the tourism sector are on their faces while these people pretend as if better is right around the corner.

    Like 28
    Dislike 1
  7. insaneness says:

    This is just insane! How ignorant. Mr. Fahie, you have personally destroyed many business and livelihoods of the hard working folks in the tourist industry. No other country will ever follow your decisions to turn your back on your people. You can’t even offer financial assistance to us! You sir, are inc*******t! You should be forced out now!

    Like 23
    Dislike 1
  8. Rubber Duck says:

    Delusions.

  9. itstime says:

    The UK is coming to put a stop to this government and it won’t be long, Let us Pray.

    Like 18
    Dislike 2
  10. bvi says:

    WE WANT THE VIP GONE IN 2023

    Like 13
  11. @FED UP says:

    for a canary that fellow is really large i think he can use some help from THE ESTEEMED who has more brains than all of his puppets that surrounds him

  12. HELP says:

    People we need to get together and get the VIP out. Another 4 years our country will be gone. Don’t mind the Petty Premier with his fancy words.

  13. 007 says:

    They like to think they were successful with the lockdown.
    But here’s the truth , any fool can shut the place down, close the borders , lock the doors.

    It takes brains and organization to preserve the economy while keeping the virus at bay. Other places have done it but brains and organization are not this governments strong points.

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