The Caribbean Development Bank (CDB) is projecting a gross domestic product (GDP) growth of up to 4.8 percent across its Borrowing Member Countries (BMC) in 2022.
The CDB’s predictions said this growth will likely focus on service-exporting.
In a recent statement, the CDB said service-exporting BMCs such as the BVI are forecasted to gain momentum and grow at an average rate of 4.8 percent because of the continued inflow of tourists into the region.
The loan bank noted it is anticipated that this rebound is likely to strengthen during 2022 as COVID-19 restrictions are being eased on account of strengthened protective health measures.
Vaccination rates and health protocols a variable
However, the regional bank noted the return of international passengers to these service-exporting states is largely dependent on the acceleration of vaccination rates; effective management of the pandemic without resorting to full and lengthy lockdowns and continued confidence in the protocols established for safe travel into the region.
Meanwhile, Premier and Tourism Minister Andrew Fahie has repeatedly said the government will not be looking to enter another period of lockdown to deal with the threat of the pandemic.
Fahie has maintained that his government will try everything to rebound from the devastation COVID-19 has on the territory’s economy and this was spurred on by the resumption of the cruise ship industry late last year and the relaxation of COVID-19 protocols for visitors.