Macro - Country Economic Forecasts - Virgin Islands (UK)

Macro - Country Economic Forecasts - Virgin Islands (UK)

The British Virgin Islands (BVI) has been undertaking reforms in governance to avoid the imposition of direct rule from the UK, but the next general election in early 2023 could stall such efforts. Meanwhile, the BVI's economy faces headwinds from a slow recovery in tourism following the coronavirus pandemic, a financial squeeze on households from high inflation and the long-term decline in the offshore business incorporation sector. Overall, we expect GDP to rise 1.6% this year, but growth to slow to 1.1% in 2023.