By Azara Lavia
Antigua and Barbuda’s economic recovery following the Covid-19 pandemic continues to gather momentum, with notable gains in employment and economic stability, according to recent data, according to the country’s Prime Minister Gaston Browne.
During the 2024 Budget Presentation on Thursday, Browne highlighted the significance of the nation’s employment growth.
He said the government’s ongoing efforts are driving positive trends in job creation, signalling a brighter future for the nation’s workforce.
According to the nation’s leader, based on data from the Antigua Barbuda Social Security Board, the number of active jobs was projected to increase from 47,996 in 2023 to 49,915 in 2024, with those workers earning $1.8 billion.
“We anticipate a further 2,000 jobs will be created in 2025, due to the strong demand for tourism and the construction of several luxury properties,” Browne added. “This is further cause to rejoice over all that has been achieved; especially when we recall the astronomically high level of unemployment and elevated rates of poverty in 2014, when our government took office. The remarkable employment growth highlights the dynamism and resilience of our job market and translates to increased income.”
The prime minister said the country’s Social Security system has also benefited from the thriving economy, with collections for the first half of 2024 exceeding benefit expenses by $22 million.
He also stated that inflows are expected to reach $227 million in 2024, compared to $214 million in 2023.
In his budget presentation, the finance minister announced that discussions are ongoing with the Social Security Management and Board to invest some of its surplus funds in a new hotel project on 10 acres of land at the Jolly Beach Hotel site.
Additionally, he shared that the minimum Social Security pension will increase next year from $350 to $500, in order to enhance the quality of life for pensioners.
