Government Leaders Projecting Upswing For Antigua and Barbuda’s Local Economy
On a national level, Antigua and Barbuda’s economy has been impacted by the onset of the global COVID-19 pandemic. Hyperlocal economies have stalled as a result of limited tourism, a pivotal sector of viable income for local communities. For months, social distancing guidelines, employment closures, federal guidelines, and travel limitations have greatly changed the lives of countless local residents. Now, as the world collectively works to mitigate risks while returning to “normal” operations, Antigua and Barbuda’s community leaders examine the outlook for the country’s future economic status. Asot Michael, who has served local communities in various capacities throughout his professional trajectory, touts the importance of proactively communicating with local residents with full transparency.
Projections
Minister of State within the Ministry of Finance, Lennox Wilson, recently predicted the economic future of Antigua and Barbuda. Speaking to the Daily Observer, Lennox reported seeing a “gradual return to normality over the next 12 months.” Several community leaders and local government officials have touted similar hopes and cited evolutions in the hospitality industry as integral markers for the return of a thriving local economy. Asot Michael reported that the “tourism and hospitality sectors contribute greatly to the local economy. Seeing the return of tourism makes us hopeful to return to a stable economic condition.”
Investing in the Future
To welcome innovation, local governments are supporting micro-business startups with various financial incentives. They are welcoming the entrepreneurial spirit in laid-off workers, who are trying to simultaneously better their immediate economic status and bolster future success. To ensure the long-term availability of government funds, local government officials are careful to avoid exuberant expenditures. Holding on to funds for proverbial “rainy days”, local officials are only investing in viable projects.
Inviting local residents to spearhead small business ventures, digital and remote opportunities, and other sources of wealth, government leaders are focusing on building the infrastructure needed for the twin islands to collectively make it past the pandemic, and surge ahead with a strong economy.
Education and Investment
In discussing the collective role of local residents in uplifting the local economy, Weston added, “We must educate them, we must train them, and we must require from them productive investments and work that will take the economy forward.” In this sense, investing in overall workforce development, job skills training, and financial literacy of local residents can be a smart strategy to effectively propel Antigua and Barbuda’s economy forward.
Mirroring this strategy, Asot Michael has touted that “teaching our residents, especially young professionals, the skills needed to be viable candidates for high-earning internationally-based jobs, will create a snowball effect within the local economy.” By arming increasing numbers of local professionals with the skills needed to secure in-demand remote jobs in growing fields, like tech and finance, Antigua and Barbuda’s residents can capture increased revenue coming into the hyperlocal economy. In turn, wealthier local residents will undoubtedly spur the hyperlocal economy through increased spending. Over time, increased local spending will equate to higher profits for local small businesses and will stabilize hyperlocal economies.
Of course, this snowball effect will trickle down by creating the need for more lower-paying positions in service industries through increasing demand for services. This cycle of wealth occurs naturally throughout various communities globally and has the propensity to change the entire local economies. Thus, smart investments in the strategies to elicit this snowball effect can garner economic growth for Antigua and Barbuda.
Economists’ Predictions
In addition to the involvement of local community leaders and government entities in predicting the future of Antigua and Barbuda’s post-Coronavirus economy, local Economists have mirrored the positive messaging echoing throughout the country. Economist Jeremy Stephen has predicted that Antigua and Barbuda will be able to successfully mitigate COVID-19 economic losses within a span of two to three years. The Barbados-based Economist reported that the expected recovery will be based on increased productivity, and the ability to resolve infrastructural issues.
According to other locally based Economists, the reopening of international travel will also impact Antigua and Barbuda’s economy on an immediate basis, and long-term basis. Across the sister islands, essential workers have remained employed throughout the pandemic, rendering these individuals important earners in the fragile economy. These workers, along with hospitality-based employees returning to work via the influx of travellers, will be the cornerstone of continued economic growth within Antigua and Barbuda. Additionally, individuals who have pivoted to entrepreneurial ventures, and remote work, will add new sources of income for the country, and bolster the hyperlocal economy through increased spending power. Combined, these unique factors will work together to spur an upswing for the local economy within the upcoming year.
