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Turks and Caicos in RECESSION; GDP to decline by $272.8 million

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Magnetic Media photo of Grace Bay Road restaurant & bar with plans to reopen October 15

#Providenciales, Turks and Caicos – October 2, 2020 – The Turks and Caicos is now officially in a recession; it is another suffocating symptom of the coronavirus pandemic and to think, only slight inroads have been made by the World Health Organization in the effort to unravel who and what unleashed this mammoth of a crisis on the planet.

In a normal year, the Turks and Caicos Islands would have been hundreds of millions of dollars richer. 

In this year, the ‘Unprecedented and Unpredictable Year 2020’, Sharlene Robinson who is Premier and Finance Minister of the UK overseas territory, has had to make a starkly different announcement about country earnings and the direct and trickle down effects due to the crushing impact on our leading industry:  Tourism.

Hon Sharlene Robinson, TCI Premier & Minister of Finance

“The trigger point for a recession is usually two consecutive quarters of negative growth. All indications are that, despite having to go on lockdown at the end of March, the country experienced economic growth in the first quarter of this year. The second quarter, undoubtedly because of the necessary restrictions which had to be imposed, saw minimal activity and even though the level of activity in this quarter was more than the activity in the second quarter, when compared with the level of activity during the third quarter of last year, we are heading towards a second quarter of negative growth. Hence we can conclude that this economy is heading towards a recession,” said the Premier on September 10 in a national press conference held at the Office of the Premier in Providenciales.

That second quarter ended on September 30 for the TCI. 

It means the Turks and Caicos is now officially two days into a recession and that translates into deep losses for this once burgeoning archipelago, which expected the economy to grow in 2020 by 5.4 percent. 

Tourism contracted by 53 percent.

Providenciales International Airport, PLS outfitted for reopening of the borders which took place on July 22

“In constant market prices it is forecast to decline from $303 million to 142.4 million or by $160.6 million,” informed Premier Robinson when Magnetic Media requested a dollar figure on the whopping shrinkage made known in her presentation early last month.

Overall, the Turks and Caicos Islands economy is forecast to contract by over 26 percent or $204.7 million.

Premier Robinson advised that GDP will “decline from US$ 1.2 Billion to US$ 924.6 million or by $272.8 million.”

During a House of Assembly meeting on August 17, Opposition Leader Washington Misick condemned the PDM Administration’s handling of the pandemic and surmised the country was facing a “deep recession.”

“The PDM does not understand what it will take to reverse the trend of this pandemic, nor the political will to try. They failed to take the measures needed between March 28th and July 22nd to put the needed resources behind the potential prevention and control of a surge of COVID-19 cases after the opening of the border and the resumption of business operations. They did not make the investment to acquire, train and undertake mass testing before the full relaxation of restrictive measures. What we should be looking at today is a reprioritisation of the budget focused on reversing the COVID-19 trend instead we are asked to approve reallocation of funding for a political agenda,” said Misick in his rebuttal of the Supplementary Appropriation Bill.

Hon Washington Misick, TCI Opposition Leader (file photo)

Washington Misick described the economy as being on “life-support” and the tourism industry as running “on fumes”.

And the future for travel and tourism is not looking bright. 

An ominous ‘third wave’ of the highly infectious virus is sweeping the planet and the COVID-19 death toll has surpassed one million. 

This confluence of crises is reviving extreme restrictions, extending barriers to travel and prompting unimagined measures to stem the flow and stop the spread of COVID-19.

New York Governor, Andrew Cuomo, on Monday signed an executive order which requires New Yorkers to quarantine for 14-days upon return from any country which the U.S. Centers for Disease Control (CDC) has listed at Level 2 or Level 3. 

The Turks and Caicos, has since August 6, been charted as ‘Level 3: Reconsider Travel’.

“The east coast, and particularly New York, is a major gateway for visitors to our destination. Additionally, the USA market as of 2019 accounted for 82% of air arrivals to the Turks and Caicos Islands.  Consequently, the Tourist Board and Ministry of Tourism have taken actionable steps in response to this decision. The Tourist Board, has reached out directly to New York’s Governor Andrew Cuomo’s office and the Ministry of Tourism is working closely with the Ministry of Health to address the CDC’s categorization of Turks and Caicos as a level 3 country, said the Ministry of Tourism and the TCI Tourist Board on October 1 in a joint press statement.

Governor Andrew M. Cuomo holds Coronavirus briefing. Dr Howard Zucker Michaela Kennedy-Cuomo Governor Andrew M. Cuomo

It may be a fight in futility though, as the Turks and Caicos has faced this ‘Coronavirus Blacklisting’ before.  The United Kingdom, despite TCI being one of its overseas territories, has since August made quarantine mandatory for 14 days for anyone travelling from these islands.

Income from cruise ship travel is sunk. The CDCs ‘No Sail Order’, just hours before it was due to expire on September 30 is now extended until October 31, 2020.

Grand Turk, the cruise hub of the Turks and Caicos welcomed over 1 million cruise visitors each year but has not seen a ship in port since March.

Premier Robinson in her September 10 address announced budget reallocations to support an extended stimulus package to the tune of $5 million. 

TCI Cabinet meets; file photo pre-COVID-19

A food assistance program, a new round of stimulus payouts which would include ground transportation operators and for the first time, the National Insurance Board would financially support its contributors falling into unemployment or underemployment.

“Throughout this pandemic, TCIG has seen many policy shifts within its budget. To date, it is estimated that TCIG has paid out over $15.3m in expenses relating to the COVID-19 pandemic,” said the Premier.

The country awaits, however, activation of the new $5 million stimulus payout scheme. Details were promised for mid-September but to date government has been silent on when these funds will manifest for a people who have been in recession long before now and who fear the worst is yet to come.

TCI News

Beaches Turks & Caicos Food and Beverage Department Blends Health and Family with Smoothies    

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PROVIDENCIALES, Turks & Caicos Islands: Families across the Turks and Caicos Islands are being encouraged to make healthier, budget-friendly choices all year round, thanks to Beaches Turks & Caicos’ creative team of bartenders who have shared refreshing smoothie recipes that are as nutritious as they are delicious.

Recognizing the daily challenge parents face in balancing work, family life and healthy eating, the resort’s bartenders have developed easy-to-make, affordable smoothies that cater to both children and adults. The initiative aligns with Beaches Turks & Caicos’ ongoing commitment to supporting family wellness and community well-being through practical, accessible lifestyle choices.

“Using these recipes is a great way to promote health while keeping things simple,” said Managing Director James McAnally. “Our team members are passionate about enhancing healthy lifestyles within our communities and this is just one way we help families make positive changes year-round.”

Among the standout recipes is the “Morning Sunshine,” a tropical blend of banana, mango and pineapple packed with fibre, potassium and vitamins A and C. Anna-Kay Thompson, bartender at the French Village, said the drink supports digestion and boosts energy levels. “Children are drawn to bright colours; they eat with all their senses. This smoothie is healthy, cost-effective and a great way to start any day,” she added.

Another favourite, the “Triple Tango,” mixes blueberries, kiwi and banana for a vibrant blend that boosts brain health and strengthens the immune system. Junior Jones, bartender at the Caribbean Village, described it as “a dance for the mind and body” thanks to its natural balance of sweet, tart and citrusy flavours.

For those craving something bold, the “Red Razzle” combines watermelon, strawberries, raspberries, kiwi and a hint of ginger for a refreshing, nutrient-rich mix. Packed with antioxidants, fibre and hydration-boosting properties, it’s a crowd-pleaser for both kids and adults. “This smoothie helps promote better nutrition and supports heart and immune health,” said bartender Kevin Williams.

Parents like Judy Morales, who balance work and family life, appreciate the initiative. “These smoothies are a game changer,” she said. “They’re simple, nutritious and fun to make with kids. It’s a great way to stay healthy without spending a lot.”

Bar Manager Uton Graham added that the resort’s bar team enjoys creating healthy beverage options that can be easily replicated at home. “Serving beverages for children requires creativity,” he noted. “We’re happy to share ideas that families can enjoy beyond the resort any time of the year.”

Beaches Turks & Caicos continues to blend more than just ingredients; it blends values of health, family and community. Through its food and beverage initiatives, the resort encourages families to adopt healthier habits while spending quality time together.

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2,846 Jobs in the Pipeline; TCI with $430 Million Cash

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Turks and Caicos, November 7, 2025 – A record 2,846 new jobs are on the horizon for the Turks and Caicos Islands — a staggering figure that underscores the scale of economic momentum now coursing through the country. The announcement came yesterday as Premier and Minister of Finance, Investment and Trade, Hon. Charles Washington Misick, presented his mid-year report in the House of Assembly.

“Let me repeat, 1.27 billion dollars in development agreements for major projects have been executed,” the Premier told lawmakers. “From these projects we will create one thousand and twenty-three new rooms and two thousand eight hundred and forty-six permanent jobs for the economy.”

In a population of barely 45,000, that number is seismic. It speaks to both the opportunity and the tension of the moment — prosperity that will stretch local capacity and, inevitably, deepen reliance on foreign labour.

$1.27 Billion in Fresh Investments Fueling Growth

The employment surge is being driven by $1.27 billion in new development agreements brokered by Invest TCI between April and September 2025. The investment list is stacked with big-ticket names:

  • Hadley Investments Limited – $1.2 billion
  • The Bight by Dream Hotel – $65.5 million
  • Retreat Development Limited – $7.3 million
  • Amethyst Development Ltd. – $6.8 million

Collectively, these projects will bring 1,023 new rooms online and ignite activity across multiple islands. The Premier noted that 27 development agreements valued at just over $3 billion remain active — 22 in Providencialestwo each in Grand Turk and South Caicos, and one on Ambergris Cay.

Six new foreign direct investment (FDI) projects valued at $755 million have already started between April and September 2025, spread across four islands. Another four domestic investment proposals, worth $407.9 million, have been received for new luxury resorts, townhomes, and mixed-use spaces.

“Tourism continues to be the lifeblood of our economy,” Misick said. “But the pace of investment has been nothing short of vigorous, signaling strong investor confidence and a very promising future.”

The Labour Equation: Prosperity Meets Pressure

For all the celebration, there’s a flip side — the people needed to make this boom possible. The Premier acknowledged the growing reliance on expatriate labour and the strain that comes with it.

Work permit fees brought in $22.6 million during the first six months of the fiscal year — $1.9 million above estimates and $2.7 million higher than last year. Most of those work permits, the Premier confirmed, are tied to tourism and construction, sectors now running at full throttle.

“As construction and allied business activity has increased, so too has the number of work permits,” he said. The message was unvarnished: the more the economy expands, the greater the need for imported hands to build, serve, and sustain it.

It’s a bittersweet reality for a country whose citizens are ambitious but few. The challenge now — and the political test — will be whether the government can pair this expansion with deeper training, education, and local participation so that Turks and Caicos Islanders fill more of these high-value roles in the years ahead.

A Government Flush with Cash

If the development pipeline paints a picture of the future, the balance sheets show the country’s strength right now. The Premier reported that cash flow increased by $63.7 million in the first six months of the fiscal year.

At the end of the 2024/25 financial year, the government’s cash balance stood at $366.3 million — but by the end of September 2025, that figure had climbed to a commanding $430 million.

Of that total, $242.9 million sits in the Consolidated Fund for day-to-day operations, and $88.5 million is available in the Development Fund for project implementation — up sharply from $51.5 million in March.

It’s a level of fiscal cushion that few small island states can claim — one that gives the TCI a rare degree of resilience and maneuverability at a time when global markets are volatile.

A $1.7 Billion Economy — and Climbing

The Premier’s mid-year report confirmed that TCI’s economy now stands at $1.7 billion, with per capita income just over $34,000, among the highest in the Caribbean. Economic growth was a strong 6.5% in 2024, and global ratings agency Standard & Poor’s upgraded the country’s credit rating to A-, citing “sound fiscal management” and cash reserves nearing 30% of GDP.

Still, Misick cautioned against complacency, warning of tariff volatilityinflationary pressures, and U.S. stock market swings that could cool retiree travel — a major visitor segment. “These are realities we cannot ignore,” he said. “But neither will we be complacent. My government is responding proactively — intensifying marketing efforts, introducing targeted promotions, and pursuing new partnerships.”

The Bottom Line

The Turks and Caicos economy is running hot — billions in projects, thousands of jobs, and a government flush with cash. But with that heat comes a balancing act: managing rapid expansion while ensuring Islanders remain at the center of the story.

Because a boom means little if it doesn’t lift the people who call these islands home.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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TCI News

Sandals Foundation and Great Shape Inc.! Produce More than 3000 Smiles in Providenciales  

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PROVIDENCIALES, Turks and Caicos Islands, November 5, 2025 — Staying true to the high quality of service it is known to provide, Sandals Foundation, Beaches Turks and Caicos and Great Shape! Inc, have served over 3,000 Turks and Caicos Islanders with state of the art free dental care in its recently concluded clinics – 1000 Smiles.

From October 20 to November 1, a dental volunteer mission team of 140 practicing professionals provided cleaning, filling, extractions, root canals, sealants and oral health education to residents of Providenciales. Its fifth year being implemented in the Turks and Caicos Islands (TCI), the programme’s reach indicate growing support and trust of the initiative facilitated by the philanthropic arm of Sandals Resorts International

While visiting the site at the Blue Hills Church of God of Prophecy church in Providenciales, Minister of Health and Human Services the Hon Kyle Knowles shared his satisfaction with the work noting, “As the Minister of Health, to see firsthand the quality of work being executed is an amazing feeling. Being able to see residents of Providenciales getting quality dental care being provided by professionals who have committed themselves to volunteering is what makes this initiative more meaningful.”

“The continued relationship between Sandals Foundation, Beaches Turks and Caicos and the government of the TCI augurs well for the development of our people and our communities. For two weeks, more than 3,050 residents were served including adults and students at our primary and secondary schools,” Knowles added.

Managing Director of Beaches Turks and Caicos James McAnally shared, “We are humbled by the numbers of persons that came out this year. As a resort, we value partnerships and through the Great Shape! Inc.’s healthcare partnership, together we have created history with the number of clients being served in any one visit to a region. We are proud to have been involved in creating brighter and healthier smiles for the residents of Providenciales.”

In explaining the customer-centric approach practiced by the medical volunteers, Programme Director of Great Shape! Inc., Shantelle Clarke said, “Some people come in with anxiety and are a little bit scared to get stuff done, but, as we talk through the procedure, explain what we’re doing, and why we’re doing it, we are able to build the trust of patients who develop a sense of ease.”

For the Ministry of Health’s (MOH) Chief Dental Officer Dr Janice Baron, the value of the Great Shape! outreach is priceless noting, “It has established a good example of best practices in the field”.

Meanwhile, more than 1,600 students from Thelma Lightbourne Primary, Richmond Hill Preparatory, Community Christian Academy, Mills Institute, Ashley Learning Centre and Elite Schools also benefited from dental care education through a school tour executed in the first week. Led by the Great Shape! team, students and teachers were reminded about the importance of proper brushing, flossing and oral care through interactive sessions.

“The sessions were dynamic, educational and children-friendly. Students were able to interact and ask questions which the team were able to answer in a fulsome manner which provided much needed information for the students,” says Principal of the Ashley Learning Centre, Shelrica Grant-Banton.

Great Shape! Inc. is one of the largest dental volunteer missions in the world The dental outreach, which commenced in TCI in 2021, is made possible with Beaches Resorts providing accommodations and the charitable arm, the Sandals Foundation, spearheading logistics and offsetting the costs for transportation, as well as food and beverage for the clinics.

For more information about the Sandals Foundation and to donate, visit: https://sandalsfoundation.org.

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