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State Of The Territory Address By Governor Albert Bryan

1566 Words7 Pages

In the state of the territory address, Governor Albert Bryan describes the state of the economy as one of steady progress and optimism. He notes that this optimism is not just a feeling but is supported by growth in various sectors and progress towards a long-term plan for prosperity. He acknowledges that there have been challenges, specifically referencing the recovery efforts from Hurricanes Irma and Maria but emphasizes that the goal is not just to return to the past, but to create a new and better future. The Governor believes the main obstacle currently faced is finding enough people who are committed to this vision. He understands that the success of the economy is not just dependent on economic factors, but also on the support and commitment …show more content…

He acknowledges the challenges that may be faced along the way, but emphasizes that the state of the Territory is full of promise and potential. He also notes the accomplishments of his administration, specifically mentioning the improved fiscal health of the government, stabilization of the pension system, and the achievement of economic growth during the pandemic, which sets them apart from other economies that were in decline. Governor Albert Bryan plans to infuse $800 million in federal spending into the Virgin Islands economy each year for the next 10 years aims to stimulate construction and growth in the Gross Territorial Product by 2%. This is expected to have a positive impact on the territory's economy by creating jobs and increasing economic …show more content…

This includes raising salaries for essential workers and prioritizing the people to ensure they have money in their pockets to stave off rising inflation. By providing more disposable income to the people, it is expected that they will be able to spend more, which will in turn stimulate economic growth. In addition to the American Rescue Plan Act funds, the governor is also encouraging innovation and small business growth through the 2022 Innovation Grant and the Catalyst Fund gap financing initiative. These initiatives are intended to provide funding and resources to small businesses and entrepreneurs so they can grow and succeed. The Governor is working with the Economic Development Commission, the University of the Virgin Islands, and the Economic Development Authority to promote economic diversification and sustainable development. This includes identifying new industries and sectors that can provide jobs and economic opportunities for the people of the Virgin Islands. By diversifying the economy, it is expected that the territory will be better able to weather economic downturns and provide long-term economic stability for its

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