TORTOLA, British Virgin Islands, CMC—The Premier of this British overseas territory, Dr Natalio Wheatley, confidently reassures the public that despite residents’ complaints over the skyrocketing cost of living, the territory’s economy remains buoyant.
The Premier reiterated his belief in the BVI’s economic strength, stating, “There’s this whole concept being bandied about that the economy is weak, and there’s no basis for that in reality.”
“If you look at all the indicators, it tells you that we continue to have a strong and vibrant economy built on two main pillars: tourism and financial services, which are both doing well and holding their own,” he said
The Premier’s position challenged a narrative that the BVI’s economic foundations are weakening.
“We have several Virgin Islanders, Belongers, and residents who have grown up or come through the system here yet remain unemployed. Additionally, we see local businesses struggling for various reasons,” he explained.
Wheatley underscored the government’s unwavering commitment to refining policies and initiatives to address these challenges, instilling hope that more residents can find gainful employment and capitalize on available opportunities.
“People do not flock to a place where the economy is weak,” he insisted. However, he also stated that despite the BVI’s apparent prosperity, the territory is not insulated from global economic fluctuations, such as those caused by the war in Ukraine and other international conflicts.
“The notion that those issues are the government’s fault is misleading. These are global pressures that we have little control over.”
The Premier also highlighted government initiatives, such as duty exemptions and electricity relief, that would ease residents’ financial burdens.
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