( Real News Antigua ) Former university lecturer and economist Dr. George Daniel again is predicting a slowdown in the economy from the end of this month, April 2024.
And, again, he acknowledges that two international events, in May and June –
the fourth international Small Island Developing States (SIDS4) conference
and the ICC Men’s T20 World Cup – may assist in buffering the first phase of
the slowdown.
However, with the 2023/2024 cruise tourism season coming to an end, the
slowdown will begin manifesting in this sector.
And come July, Dr. Daniel says, businesses and residents will begin to feel
more of a pinch than they are now experiencing.
Meanwhile Carnival – once dubbed the “Caribbean’s Greatest Summer
Festival” – is not far off and is usually expected to generate revenue.
But Dr. Daniel is skeptical about the festival’s financial impact, since vendors
and performers are always owed money by the Government.
He notes that revenue will be gained through airport, accommodation, and
other taxes; but the festival itself does not produce the income that one would
expect.
Additionally, he says, those who come for the summer activities are usually
here only for a short period, maybe one week, before returning to where they
make their homes.
Dr. Daniel points out, as well, that Carnival costumes are usually imported –
thus, no money is spent in the local economy to purchase the production
supplies.
