Our economy continues to flourish – Premier
Premier Dr Natalio Wheatley said the BVI continues to have a flourishing economy, countering critics who have argued that it is “flat on its back.”
Speaking during the recent budget debate in the House of Assembly, the Premier emphasised the territory’s resilience and pointed to significant growth indicators as evidence of progress.
“Our economy continues to grow. The economy continues to flourish,” Dr Wheatley stated. “It is not the economy where there is a problem. What we need to do is move full steam ahead and train our people to seize the opportunities within the economy.”
“The Virgin Islands is a beautiful and wonderful place,” Dr Wheatley stated while highlighting that the economy has consistently demonstrated resilience, even after major setbacks such as the hurricanes of 2017, the COVID-19 pandemic, and political challenges. “Our story remains one of resilience. Despite the challenges, the Virgin Islands faces great prospects,” he said.
Premier Wheatley outlined key data showing the economy’s growth over the years. “Our gross domestic product continues to grow,” he explained, referencing figures that track the territory’s economic performance. He noted that the GDP increased from $1.1 billion in 2010 to a projected $1.7 billion in 2024.
The Premier also commended the territory’s ‘AA‘ rating from the Caribbean Information and Credit Rating Services (CariCRIS) as evidence of financial stability. He expressed confidence in achieving strong results from the Standard & Poor’s sovereign rating process in 2025.
“It is not that it is not that we do not have a strong economy. It is not that we don’t have a strong foundation. We have a lot of good things going for us,” he said, dismissing claims that the territory is struggling economically.
Tourism and Workforce Optimism
The Premier also addressed tourism as a cornerstone of the economy. He cited improvements in overnight visitor numbers, which increased by 15.4% in 2024 compared to the previous year. “Up to September, we had 233,000 [overnight guests]. And the trend will continue. Next year, we will have more overnight guests than we did this year,” he shared.
Dr Wheatley also praised the return of key tourism developments such as Peter Island and Biras Creek, expressing optimism for even greater growth in 2025.
Additionally, he highlighted an increase in workforce participation, describing it as a reflection of economic strength. “There are more persons working in the Virgin Islands today than in the past,” he said.
While acknowledging areas requiring improvement, such as social protection systems and infrastructure, Dr Wheatley urged House members and the public to focus on solutions rather than criticisms.
“We have to confront the challenges that face us united and resolute and that we will be victorious if we trust God, use the God-given abilities that we have for the benefit of building his kingdom and building each other and building the next generation,” he said.
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Who feels it knows! People are out here struggling more than ever! Nobody is doing great! Just go around and ask people. We are practically in a recession. But this guy talking about GDP increased but not under his watch the past 3 years, no he talking about since 2010. Here is the thing, this guy was a poor teacher before being elected. Barely making $40 thousand a year. All of a sudden he is making $140 thousand a year and has the Greedy Bill pension to secure him after we vote him out in the next couple years. He has never seen this type of money in his life! So he went from being broke to being well off thanks to you all voting him in. So as far as he feels and knows Yes everything is flourishing! Life is great for him financially. Meanwhile the rest of us out here struggling to survive. He doesn’t understand the reality the rest of us are facing and he doesn’t care to either!
A famous saying goes like this- ‘When your belly full you don’t care about who own empty’
Natalie please tell us who the economy is flourishing for? Maybe only you. Do you go to the supermarket Monthly salary is $1600 a month. So you are the economic genius. Rent, water bill. electricity. food,etc. I can’t afford a cell phone. You law makers whose salaries are on the higher end of the salary scale, suppress a minimum pay increase for people like me who can barely scrape through living a decent life, and you talking shit about economy booming. Who the f**k is it booming for? Natalio take care of all the people of these Virgin Islands. Some of us are barely scraping through.
Not so long ago, BVI GDP was more than a billion/uear. After Irma, we learned the cupboard was bare. We rejected UK loan guarantees because we didn’t like the idea of explaining exactly how the monies would be spent. The current GDP is around 400 million ( a 60% decrease) and we just borrowed 100 million without explaining how we’re paying the monthly note. We all know the state of the infrastructure and the Territory in general. To say the Territory is flourishing is illusory at best.
of Caribbean island governments usually leave their island after their bankruptcy.
Why have failed to increase the minimum wage to assist the most needy?
why are increments not paid to retired educators after twenty plus years?
Given all the greedy bills enriching a few politicians, that whole spectacle is evil and heartless by those elected to take care of the least among them.