Antigua & Barbuda has seen its economy expand significantly over the past 43 years, growing from a GDP of $336 million in Eastern Caribbean dollars at independence in 1981 to over $5 billion today. Governor General Sir Rodney Williams highlighted this transformation during his Throne Speech, crediting strategic investments and fiscal policies for the dramatic increase.Antigua and Barbuda travel packages
“On the 1st of November 1981, the new state of Antigua and Barbuda was declared sovereign, and our GDP stood at $336 million. Today, our country’s GDP exceeds $5 billion,” Sir Rodney said, outlining the nation’s progress.Antigua and Barbuda travel packages
The Governor General noted that this growth reflects deliberate efforts to build a robust economy, including investments in tourism, infrastructure, and foreign direct investment. Projects such as the Peace, Love, and Happiness (PLH) development and the Rosewood Luxury Hotel in Barbuda were cited as key contributors to job creation and economic expansion.
The government has also focused on fiscal discipline, achieving a debt-to-GDP ratio of approximately 60%, a level deemed sustainable by international financial institutions. Sir Rodney commended the Ministry of Finance and the Cabinet for their role in managing the country’s finances.
“My government set about to make Antigua and Barbuda’s economy produce sufficient jobs while lowering taxes and attracting significant investments,” he said, describing the administration’s approach to fostering economic growth.
Tourism remains a critical driver of Antigua and Barbuda’s economy, with ongoing investments in luxury resorts and improved connectivity. The new airport terminal and the planned deep-water harbor in Barbuda are expected to enhance both tourism and trade, further strengthening the nation’s economic outlook.
However, challenges remain, including the country’s vulnerability to climate-related disasters and global economic fluctuations. Despite these hurdles, the government has expressed optimism about its ability to sustain growth through diversification and investments in renewable energy, healthcare, and education.
Antigua and Barbuda’s economic journey underscores the progress made since independence, though questions about the inclusivity of this growth and its resilience to external shocks remain topics for ongoing discussion.