Not an easy time! Premier shares bleak economic outlook
Premier Dr Natalio Wheatley has sounded a warning over a bleak outlook presented by institutions such as the World Bank and the International Monetary Fund (IMF).
While presenting his first budget speech as the territory’s leader earlier this week, Dr Wheatley shared that the IMF’s World Economic Outlook published in October 2022 forecasts that global growth will slow from 6 per cent in 2021 to 3.2 per cent in 2022, and 2.7 per cent in 2023.
The IMF further noted that about a third of the world economy faces two consecutive quarters of negative growth, and global inflation is forecast to rise from 4.7 per cent in 2021 to 8.8 per cent in 2022. It will see a further decline to 6.5 per cent in 2023 and 4.1 per cent by 2024.
“That is still very high,” the Premier said.
“With an outlook such as this, governments and people in countries everywhere will not have an easy time, and they will have to distinguish between things they “want” and things they “need”. Even things that fall in the category of “needs” will have to be prioritised,” the Premier said.
Impossible situations
Dr Wheatley also shared that the World Economic Forum (WEF), in its Chief Economist’s Outlook published in September 2022, describes the present as “a time of significant economic danger”, with persistent, surging inflation at levels not seen in a generation.
According to that outlook, it is expected that there will be a sharp tightening of monetary policy in many countries that threaten global growth; freefall of wages and consumer confidence that increase the prospect of social unrest in many countries; and increased human suffering; among other effects.
“Governments worldwide have been placed in near impossible situations because every response option comes with high cost and even higher risks.”
Premier Wheatley further explained that according to the WEF outlook, traditional approaches to rein in inflation risk triggering a recession and a spike in unemployment.
Fast-tracking green energy transition
The Premier also noted that the IMF has made some suggestions for how to survive these challenges in the long run.
He explained that these suggestions include intensifying structural reforms to improve productivity and economic capacity, and also fast-tracking policies for the green energy transition to boost energy security and mitigate some of the costs associated with climate change.
“Being prepared and resilient tomorrow requires making the tough decisions and doing the work today, “ the Premier said. “Perhaps the one consolation in crises is that challenges create the atmosphere for innovation. As people are confronted by problems, they find creative ways to overcome them. This is one of the strengths of the indomitable Virgin Islands people throughout our generations.”
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And look who we have as the minister of finance at this time. We doomed!
Was it not just this week a reasonable 3.5 economic uptick forecast was postulated?
Why is there another signal to the contrary?
Please do not hang the pensioners, retirees, elderly and those in critical need out to wither and dry up upon the vines of neglect, carelessness and inhumanity….
Those that made their significant contributions must be treated fairly, respectfully and fairly in thier time of need.
Wheatley will win the next election – he ain’t encumbered by all those spouting hate at him who did nothing in twenty years
Yes it was just this week. Seems like the amnesia set in more sooner than later this time. If THAT very big inconsistency is not enough to give WARNING, then I do not know WHAT is.
Mr. Govorner and Mr. Premier, all efforts, work, from human resources to the last stroke of the pen on Governer’s desk must be laser focused o giving and. presenting to the BVI’ retirees, senior citizens and senioe elders, who are still owed their salaries in the form or in name of INCREMENTS, PLEASE USE THIS BUDGET TO PAY THOSE MONIES ALREADY WORKED FOR YEARS, AND SOME CASES, DECADES AGO.
Does it not bother your conscience to work peopl and not pay them, even years of owing them, and referring tto them as your people, your electorate?
Shamefulhow gov. employers have treated economically over the years. Jst dispicable, rotten and inhumane..
Please the populace what is theirs. T hey worked for and have earned every penny. PLESEGIVE THEM WHAT BELONGS TO THEM, ..
Green Energy is a complete farce. When will we stop the f**kry? The energy is only as clean as the equipment needed to store it, aka BATTERIES!
Premier hand full and running over. Healthcare cannot be a privately non-interfering entity and cannot independently sustain itself. Education fell off at the beginning of the school year. The infrastructure pot hole for your health. Jog from west end town. Merry Christmas Education the ribbon cutting ceremony coming. We good at entertainment music fest coming. Anegada was a success.
Mr. Premier, i am an expat working here in the BVI. Being unemployed for while my passport stamp expired. I went through all the needed procedures and also found a job within days. Ministry of labor complete and submit all my document including my work permit. it is now 4 months, and the Immigration will not return my passport although they told me my document is approved. Is it possible to provide some necessary help for the upstairs department or replace the incompetent person or persons who is responsible for signing off on passport with such issues. I am tired of asking for update on my passport. The Immigration department is a disgrace to foreigners and this spiteful behavior will affect the tourism sector in which this island depends on. What a shame!
Immigration is not doing a good job, maybe the delay is because the Government needs money.
Don’t talk about the lady at the front desk of the immigration department on the second floor.. A total wreck..she is very spiteful and tries to man handle people coming for appointments. Funny enough when locals come she treats them totally different. I pray they remove her and find someone else who will serve ppl better. There needs to be an overall clean up to better serve the territory.
Ppl need to wake tf up and stop falling for snake oil.
And they will be happy.