PM expects record economic performance for 2018


Prime Minister Gaston Browne is anticipating an “unprecedented” level of economic growth with new and ongoing projects in 2018.

Delivering his New Year’s Day message  Browne listed the Calvin Ayre US$25M Informatics Centre at Woods, Sunwing’s US$75 renovation and expansion of the Royal Antiguan Resort, US$50M Marriott Autograph Hotel at Yeptons, the Callilou Cay hotel At Morris Bay and the expansion of Nonsuch Bay, Tamarind Hills and Verandah Hotels as on going projects.

In addition he said  the St. John’s Port Modernisation project worth US$90 million, is scheduled to start on January 15th.

“This project will be the single largest public sector investment undertaken by any government, past or present and will facilitate the transformation of the facility into a regional transshipment port,” he said.

“A further $80M will be invested in 2018, to construct a fifth Tourism birth, at Point Wharf, to accommodate the Oasis class ships, in time for the next cruise tourism season,” the prime minister added.

The prime minister disclosed that his government will invest $250M to repair and expand the road network throughout Antigua & Barbuda in 2018.

He also said Barbuda will not be left out in the growth process with a $50M investment to build a new airport runway on Barbuda which will be completed by September of 2018.

“Barbuda will also benefit from a further $125M to assist with the rebuilding of homes, public institutions and infrastructure, as well as a green energy solar voltaic plant.  The latter will make Barbuda the first totally green island in the Caribbean,” he said.

West Indies Oil Company Is projected to invest another $45M in its tank expansion 2018.

The country’s leader says these and other investments will result in an unprecedented level of growth in 2018.

“Economic Growth in 2018 is projected to exceed $400M or 10 percent of GDP. This would be the strongest real, organic growth, in the history of the country, that was not driven by an external event, such as Cricket World Cup,” he said.

“The people of Antigua and Barbuda can expect a record economic performance once again, to emerge as the fastest growing economy in this hemisphere in 2018,” Browne who is also finance minister said.

The government expects that the Half Moon Bay hotel will commence demolition and will begin construction of a new hotel by the third quarter of 2018.  Likewise, Paradise Found is expected to commence “demolition shortly and construction of the US$250M resort in Barbuda, later in 2018.”

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