Premier Mark Brantley Unveils Ambitious 2025 Budget To Elevate Nevisians' Lives And Economy

Premier Mark Brantley has unveiled a forward-thinking £79.3 million ($101 million USD) Budget for 2025, emphasising his administration's dedication to job creation, economic resilience, and sustainable growth for Nevisians.

Speaking on the 3rd of December, Brantley highlighted his government's commitment to fostering high-quality employment opportunities and elevating the standard of living across the island.

"Jobs, jobs, jobs," Brantley declared during his Budget address, underscoring that economic growth hinges on creating good-paying, stable jobs. With steady progress in wages and employment trends since the global pandemic, the Premier's strategy focuses on harnessing public-private partnerships and innovative economic solutions to secure Nevis' future.

Economic Growth And Stability

Despite problematic global conditions, average wages in Nevis have grown steadily over the past year, along with job creation, indicating resilience and stability in the labour market.

Recurrent revenue generated up to the 31st of October 2024 amounted to £36.9 million (over $47 million USD), an increase of 7.31 per cent on 2023 levels. Tax revenue also increased by nearly five per cent on 2023 levels.

To maintain positive momentum, Brantley hopes to draw on the experience of Nevisians around the world. He proposes a Standing Economic Council for the island of Nevis featuring 'the best minds' to advise the government in a think tank-like manner on key economic areas, including sustainable job creation.

Brantley reiterated the importance of joint public/private sector partnerships for Nevis' continued growth and his administration's desire not to impede innovative ideas that benefit Nevisians.

Outperforming Other Markets

According to IMF forecasts, Latin America and the Caribbean are expected to grow by 2.1% and 2.5%, respectively, in 2024 and 2025, while global growth is expected to remain relatively flat over the period.

St. Kitts and Nevis, however, is expected to outperform global and regional predictions.

The Eastern Caribbean Central Bank (ECCB) forecasts that the economies of St. Kitts and Nevis will grow by over 5.5% and 3.42%, respectively, in 2024 and 2025.

Future Proofing

Premier Brantley wishes to future-proof Nevis' economy, ensuring lasting growth and positive investment in the community. Ensuring the economic conditions necessary for external investment are met is central to his administration's efforts, and investors are already taking note of this.

One of the world's largest luxury hotel chains, the Four Seasons, recently announced a major redevelopment project, including 58 new homes in the shadow of Nevis Peak. Buyers can become nationals via the St Kitts and Nevis Citizenship-By-Investment (CBI) programme, a measure that helps set the country apart from others.

Such developments will benefit Nevisians through tax collection and enhanced spending in the local economy, which will help translate to further investment in other sectors, including agriculture, education, and healthcare.

It is clear that the government is looking for a potentially game-changing investment that will help elevate living standards to the next level.

Substantial Progress

Concluding his 2025 Budget address, Nevis' Premier reiterated his desire to keep his administration's foot on the gas and not lose valuable momentum. He reiterated that the administration will continue to pursue a conservative approach to government expenditure, investing in targeted economic sectors, strengthening social safety net programmes and reducing non-essential expenditure.

"In pursuit of our people-centred approach, we must improve our efforts to improve the lives of people while advancing our economy," Brantley said.

"My government believes that we can only continue to prosper if the government, private sector and our allied economic partners continue to work together, build together and achieve together so that we can create a Nevis where the doors of opportunity are open to all. We must be committed to growing Nevis together," the Premier concluded.