PM Browne predicts Antigua and Barbuda’s economy will double in 5 years

Antigua and Barbuda: Prime Minister Gaston Browne has made a forecast that the size of his country’s economy will double in the next five years, underscoring ongoing investments and strategic development initiatives. 

The Labour leader, who will complete 11 years in office in 2025, said during a radio programme recently that the Caribbean twin-island nation’s gross domestic product (GDP) is about to total $6 billion and plans are underway to see it expand beyond $10 billion, backed by targeted economic policies and infrastructure projects. 

PM Browne emphasized economic performance in 2025 Budget speech

Prime Minister Gaston Browne, who presented a robust $2 billion budget for 2025 last December, said the economy will become resilient with growing size.

“If we continue on this trajectory, within the next five years, we could be looking at an economy valued at $10 to $12 billion,” he said. In his last budget speech, the prime minister said the economy of Antigua and Barbuda is likely to expand by an impressive six per cent, propelled by key projects slated to commence in the current year.

The PM also said in his budget speech that the International Monetary Fund predicted a strong economic performance for his country, anticipating a real GDP growth of 5.8 per cent in 2024 and 3.5 per cent in 2025. 

He said the 2024 projection was surpassed and was confident that the 2025 forecast would also be exceeded. To give an example of Antigua and Barbuda’s economic performance, Prime Minister Browne said corporation tax yielded $116.2 million and it made evident a booming economy.

In his New Year address this year, PM Browne appealed to all people to come together in its transformation into an economic powerhouse.

Prime Minister Browne reiterated his viewpoint about new projects during his radio talks where he mentioned key investment projects, including a super yacht marina at Fort James, expansion in the tourism sector, and upgrading of infrastructure as major drivers of growth.

The PM also highlighted various initiatives his government has taken in the fields of agriculture, renewable energy and financial services as key components of a long-term economic stability. 

The prime minister acknowledged various challenges that the island-nation faces, including global economic and geopolitical shocks but asserted that Antigua and Barbuda is still in a good position for economic expansion on a sustainable basis.

Antigua and Barbuda’s falling debt-to-GDP ratio

Recently, Antigua and Barbuda’s Governor-General Rodney Williams praised the Browne government saying it was during the decade-long Labour administration that the country’s debt-to-GDP ratio came down by nearly 40 per cent. According to a report published by Caribbean Focus, Antigua and Barbuda is ranked eighth out of the 10 most indebted countries in the Caribbean in 2025.