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VI sat on its hands during recession – Commentator
Smith said other tourism-based countries that compete with the VI, including Bermuda, Brazil and Venezuela, sought market share during the recessionary period so that they would be able to increase this once the recovery period arrived.
He said these countries experienced economic growth during the period of recession, however small it was. “I don’t remember us making any preparations,” Smith commented, “we basically sat on our hands…”
Smith felt that noticeable moves were not made by the VI until 2012 to seek out additional markets for tourism.
According to the host, the VI spent its money to maintain the existing quality of life. “In some instances, it is not a bad thing,” he said, “but we also needed to spend some money on increasing our share in various areas that had people with money to buy tourism.”
Co-host, Natalio Wheatley aka Sowande Uhuru agreed, “We have to have some kind of vision in terms of growing our economy and how to improve on what it is we’re doing here…”
While stating that he didn’t see the vision emerging, Wheatley said, “The Asian tourists are the future, but we seem to be lagging behind a bit.”
Smith also felt that even though the financial services sector may have fallen off slightly during the period, the situation wasn’t as precipitous as it was within the tourism sector.
According to Smith, the VI was still feeling economic difficulties with the absence of cash in hand even after the recession. “We’re selling more financial services, more business companies are forming but we’re not seeing that cash in our hand…” he said.
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14 Responses to “VI sat on its hands during recession – Commentator”
Cromwell is so full of sh%&! ONE DAY HE DEFENDING THE VIP THE NEXT DAY HE DEFENDING THE NDP