(a) The Governor shall transmit to the Legislature of the Virgin Islands at the beginning of each regular session a Production and Employment Budget, which shall set forth—
(1) for the ensuing fiscal year and such longer period as the Governor may deem appropriate, an estimate of the number of employment opportunities needed for full employment, the production of goods and services at full employment, and the volume of investment and expenditure needed for the purchase of such goods and services;
(2) current and foreseeable trends in the number of employment opportunities, the production of goods and services, and the volume of investment and expenditure for the purchase of goods and services, not taking into account the effects of the general program provided for in paragraph (3) hereof; and,
(3) a general program, pursuant to section 111 of this title, for assuring continuing full employment, together with such recommendations for legislation as he may deem necessary or desirable. Such program shall include whatever measures he may deem necessary to prevent inflationary or deflationary dislocations or monopolistic practices from interfering with the assurance of continuing full employment.
(b) The Production and Employment Budget shall include a review of the economic program of the government of the Virgin Islands during the preceding year and a report on its effect upon the amount of the income of the Virgin Islands and upon the distribution of such income among agriculture, industry, labor, and others.
(c) The Governor shall transmit quarterly to the Legislature a report on economic developments, together with such modifications in the Production and Employment Budget and such legislative recommendations as he may deem necessary or desirable.