Review and Outlook for the U
US Virgin Islands Bureau of Economic Research U.S. Virgin Islands Economic Review Bureau of Economic Research (BER) January 2003 Prepared by Lauritz Mills, Director, Bureau of Economic Research (BER) Introduction There was some weakening in the per- formance of the US Virgin Islands economy during 2002, reflecting the general down- turn in the US economy and the lingering effects of September 11, 2001. Negative growth in the tourism and hospitality sec- tor and in manufacturing was the major influence on the overall performance of the economy. Although the other sectors im- proved marginally over 2001, the im- provement was too soft to effect overall economic growth. Prospects for growth appear better in 2003. The recovery of the US and global economies is set to continue in 2003, albeit at a slow but steady pace. This recovery should spill-over and lead to a rebound of the local economy. Other factors such as lower interest rates and improvements in the capital markets should affect the local economy positively. …
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