Editing United States Virgin Islands (section)

===Financial challenges===
Analysts reviewing the economy often point to the closure of the [[Hovensa|HOVENSA oil refinery]], the islands' largest private sector employer, in early 2012 as having a major negative impact on the territory's economy.<ref name="Daniel Shea Daily News Staff"/><ref name="online.wsj.com"/> In late 2013, the Federal Reserve Bank of New York's Research and Statistics Group pointed out that manufacturing employment dropped by 50% in May 2012 and by another 4% by November 2012, and that the GDP fell by 13%, "mainly due to an 80% drop-off in exports (mostly refined petroleum)". On the other hand, tourism and some other service industries were growing. As well, the 2010 census indicated that a relatively high share of the adult population is in the labor force: 66%, versus 65% on the mainland and well above 50% in Puerto Rico.<ref>{{Cite web |last=Bram |first=Jason |date=November 15, 2013 |title=A Long Road to Economic Recovery for the U.S. Virgin Islands |url=http://libertystreeteconomics.newyorkfed.org/2013/11/a-long-road-to-economic-recovery-for-the-us-virgin-islands.html |url-status=live |archive-url=https://web.archive.org/web/20190122154635/https://libertystreeteconomics.newyorkfed.org/2013/11/a-long-road-to-economic-recovery-for-the-us-virgin-islands.html |archive-date=January 22, 2019 |access-date=December 3, 2018 |website=Liberty Street Economics |quote=Looking ahead, we note that the tropical weather and picturesque beaches will continue to draw tourists, and natural resources bode well for rum production.}}</ref>

A May 2016 report by Bloomberg expressed concern about the islands' tax-supported debt load.<ref>{{Cite web |last=Chappatta |first=Brian |date=May 31, 2016 |title=More in Debt Than Puerto Rico, the Virgin Islands Rejects Rescue |url=https://www.bloomberg.com/news/articles/2016-05-31/more-in-debt-than-puerto-rico-the-virgin-islands-rejects-rescue |url-status=live |archive-url=https://web.archive.org/web/20170216140812/https://www.bloomberg.com/news/articles/2016-05-31/more-in-debt-than-puerto-rico-the-virgin-islands-rejects-rescue |archive-date=February 16, 2017 |access-date=February 15, 2017 |website=Bloomberg }}</ref> By January 23, 2017, this had increased to $2 billion. That translated to a per capita debt of $19,000, which was higher than the per capita debt in Puerto Rico which was undergoing a severe financial crisis at the time. A Debtwire analyst writing in ''[[Forbes]]'' indicated that nothing short of a miracle would prevent a financial collapse.<ref name="Baribeau" /> Another area of concern was the structural budget deficit which was at $110 million in mid February 2017.<ref>{{Cite web |last=Gilbert |first=Ernice |date=February 15, 2017 |title=FINANCIAL CRISIS: MAPP EXECUTIVE ORDER SUSPENDS HIRING, TRAVEL, WAGE NEGOTIATIONS AND LIMITS USE OF GOV'T VEHICLES |url=http://viconsortium.com/business/financial-crisis-mapp-executive-order-suspends-hiring-travel-wage-negotiations-and-limits-use-of-govt-vehicles/ |url-status=live |archive-url=https://web.archive.org/web/20170216143052/http://viconsortium.com/business/financial-crisis-mapp-executive-order-suspends-hiring-travel-wage-negotiations-and-limits-use-of-govt-vehicles/ |archive-date=February 16, 2017 |access-date=February 16, 2017 |website=VI Consortium }}</ref> The government instituted a new law in March 2017 with new or increased taxes on rum, beer, tobacco products and sugary drinks, as well as internet purchases and timeshare unit owners.<ref>{{Cite web |date=March 24, 2017 |title=The Sin Tax is Now Law |url=http://newsofstjohn.com/2017/03/23/the-sin-tax-is-now-law/ |url-status=dead |archive-url=https://web.archive.org/web/20170809222425/http://newsofstjohn.com/2017/03/23/the-sin-tax-is-now-law/ |archive-date=August 9, 2017 |access-date=July 27, 2017 |website=NewsofStJohn.com}}</ref>