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by pltm
(PLTM) - The people of the BVI can expect to see a much needed growth in the economy by 6.4% next year, according to Premier and Minister of Finance, Hon. Dr. D. Orlando Smith.
Presenting a budget which forecast a major decline in revenue this year, due to the August/September natural disasters, Premier Smith said that he understands the people are still hurting, six months later.
“In terms of our economic recovery, I reiterate that much has been done, but there remains much to do. Lofty GDP numbers nearing one billion dollars do not necessarily speak to the reality of people’s lives. I know that people are hurting,” he said yesterday, March 19 during his 2018 Budget Address.
“My Government has and continues to be committed to improving our economic prospects and to improving the standard of living for all in the Virgin Islands.”
Premier Smith presented a $299,525,366 budget, which represents $23M less when compared to last year’s budget.
He said that the economy is built on two major sectors or pillars, and underpinning both of these sectors of Tourism and Financial Services is the common denominator of service.
Premier Smith stated that both pillars are reliant on inward investment and external forces. In both of these pillars, he said they face fierce regional and international competition well beyond the BVI’s shores.
“There are jurisdictions competing to take on our market share in financial services and in tourism if and where we fall short. Indeed Madam Speaker, we have witnessed this reality in terms of tourism in the months following the storms.”
He pressed that it is for this reason that they have to, relatively speedily, but also with care and due concern, invest in the recovery and development of the Territory’s infrastructure.
“As we rebuild Madam Speaker, we must do so with resilience and sustainability at the forefront. The realities of our changing political, economic, social and environmental context refuse to be ignored.”
To this end, he said that through their efforts to grow their revenue base, contain operational costs and invest in our recovery and development, “we are anticipating positive real economic growth in 2019.”
He added that as the tourism sector recovers with landside hotel and villa properties repaired and rebuilt, they anticipate increased tourist arrival numbers in 2019.
With the recovery of tourism and sustained performance of financial services, Government anticipate real GDP growth of 6.4% in 2019.
“This expectation will of course be dependent on our ability to keep things moving positively, have a sustainable recovery and development process over the coming months and provide the infrastructure that is vital to the successful operation of our industries,” the Finance Minister stated.
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