ANTIGUA & BARBUDA | PM Browne expects economy to reach $6-billion by end of year

ST. JOHNS, April 7, 2024 - In a bold assertion of Antigua and Barbuda's economic vitality, Prime Minister Gaston Browne has expressed his unshakable belief in the nation's economic capacity and its ability to flourish despite global challenges. 

During a weekend broadcast on his radio station Pointe FM, Browne, who also serves as the finance minister, shared an ambitious vision for the island nation—achieving a $6 billion economy by year's end. 

This projection is not just a figure but a testament to the country's unwavering progress and prosperity.

Under Browne's leadership, Antigua and Barbuda have navigated the turbulent waters of the global crisis without succumbing to despair. 

"When they continue to make the excuses that the global crisis impacted growth and development, my administration acknowledged the impact of Covid-19, but we never used it as an excuse to say that we could not have grown the country’s economy because of the lingering impact of Covid," he remarked. 

Despite an 18% economic contraction in a single year, Browne's government has engineered a remarkable turnaround, steering the country towards an average annual growth rate of 8%. 

He reflects on the journey from taking office in 2014 with a $3.2 billion economy to the cusp of doubling it, a feat he describes as "phenomenal development for any country."

The nation's tourism industry, especially the booming yachting sector, plays a pivotal role in this economic renaissance. 

Falmouth Harbour Marina's CEO, Robert (Bobby) Reis, estimates the yachting industry alone pours around $200 million annually into the economy. 

The sector's prosperity is evidenced by the busy seasons reported by the country's four other marinas, indicating a surge in popularity among tourists. "This has been a superb year for the entire yachting sector. 

I have no complaints about how things are going," Reis shared. The marinas, including the Antigua Yacht Club and Nelson’s Dockyard Marina, not only serve as docking points for luxury vessels but also drive significant spending in local services, from fuel purchases exceeding $10 million at the West Indies Oil Company to substantial expenditures in supermarkets by yacht crews.

In a demonstration of the sector's vitality, the Falmouth Harbour Marina recently unveiled a $7 million upgrade, including a new berth to accommodate the world's largest mega-yachts and state-of-the-art fuel-pumping equipment, underscoring the high level of service that attracts a loyal clientele year after year. 

The yachting industry, emblematic of luxury and extravagance, significantly contributes to the local economy, with one yacht crew reportedly spending $80,000 on groceries in a single day.

Antigua and Barbuda's economic narrative is one of resilience, strategic growth, and an optimistic outlook. Under Prime Minister Browne's stewardship, the country is not just surviving but thriving, with its tourism and yachting industries at the heart of this success story. The nation stands as a beacon of progress and prosperity, ready to welcome the future with open arms and unfurled sails.

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