By RASHAD ROLLE
Tribune Staff Reporter
rrolle@tribunemedia.net
BAHAMAS Chamber of Commerce and Employers’ Confederation Chairman Gowen Bowe said the positive feedback from Bahamas Junkanoo Carnival has likely had a positive effect on the economy.
While it is too early to know the financial impact of the event, Mr Bowe said the sentiments being expressed about it are still important.
However, he stressed that the long-term success of carnival will depend on whether the event can draw large numbers of foreigners to our shores and inject “new” money into the economy.
“Financial accounting is going to be important,” he said, adding that officials should quantify in layman’s terms the impact the event has had on the country’s GDP, airline revenues and employment while giving an account of how the $9m budget was spent.
He added: “From an economics point of view, it’s as much about sentiments as it is about numbers. The positive response and perception of increased economic activity is important if simply because it gave the impression and feeling of increased economic activity.
“As it relates to the circulation of money, the flow of money creates an impression and encourages people to spend, which then becomes a self-perpetuating cycle that leads to greater consumption spending, which leads to greater provision of goods and services which leads to an increase in wages. It all sets the stage for something that could be bigger.”
However, Mr Bowe suggested that the event’s long-term success has to be facilitated by foreign dollars coming into the country.
“We must not give the illusion of something that may not be justifiable going forward,” he said.
He noted that after the carnival events in Grand Bahama last month, that island’s tourism board said it did not appear that hotel room occupancy was boosted by the festival.
“It is going to be important to have external dollars coming in,” he said, adding that foreign money is important “whether it be through scholarship or through tourist arrival and spending.”
“That’s your new money. If it is only your local residents then there may not be new money. The same money that was spent may have been spent in another way. In such a case, there would be no new net impact or net improvement. It’s important to have external dollars because that is what would bring foreign currency reserves which helps from a dollar valuation perspective. In order to grow, the event will have to attract outsiders.”
Mr Bowe acknowledged that the event was a learning experience for organisers, saying that efforts might have to be taken to ensure vendors are able to make a profit.
Last week, Bahamas National Festival Commission Chairman Paul Major estimated that between 50,000 to 100,000 people would attend the event and that it would bring in $50m to $60m.
Comments
John 8 years, 12 months ago
Everyone suffering from post carnival blues....Praying for Wednesday to get over the hump..lol
TalRussell 8 years, 12 months ago
Comrades... if some intelligent people who should know damn better really believe this, then maybe they're just plain not be so smart after all. Like does dumb 'believe it all' people comes into your heads? Now even the Chamber has joined-in with the Tribune's News Editor to realign their souls to Carnival 2015's outright misinformation, as to the true economic spin-off reality?
One is left to wonder, if these are mere innocent or deliberate actions by two organizations people's who do have sufficient access to truths?
My, my how seemly intelligent people voluntarily sign onto this PLP cabinet's, skip right over how, any damn event by an island government should've, could've in all consciousness cost taxpayers 9 million dollars, or maybe even 12 million after the true adding up millions, worth's of anything? Unfortunately, for struggling taxpayers a Carnival 2015 with a 'Likely' A Boost To Economy ain't going feed their children's hungry stomachs, or stop them in the many of thousands from being laid off, or fired, from their paychecks.
licks2 8 years, 12 months ago
I was down and in the dirty of this thing. . .the only peoples they who made the "pretty bucks" are the PLP cronies them who organized the party!!! For example, they totally blocked off Arawak Cay Venders for 4 days. The most people attending any activity out there was the 5 to 7, 000 who attend the big soca concert on the fort. Otherwise, that place was a damn ghost town!!! Venders are now crying for their money back. . .workers are asking for their fair pay for a day's work!!!
I quit frankly was offended with all the non-Bahamian things that were going on in that foolishness!!!
I will like to see carnival tried again. . .BUT NOT UNDER THE PLP. . .THEY JUST CAN'T SEE A RED CENT ON THE GROUND THAT THEY DON'T WANT TO TIEF!!! THE ONLY THING I LEARNED FROM THIS WEEKEND. . .THE PLP MUST BE MOVED. . .THEY HAVE BECOME AN ORGANIZED CRIMINAL ORGANIZATION!!! OH. . .AND THEY WILL NEVER TELL YOU THE TRUTH!! JUST IMAGINE. . .A GOVERNMENT THAT WILL NEVER TELL ITS PEOPLE THE TRUTH?
newcitizen 8 years, 12 months ago
You're right about the what happened to the money, but why the xenophobia? Just because there are some things that are non-Bahamian doesn't make them foolishness. There is more than enough Bahamian foolishness of our own.
TalRussell 8 years, 12 months ago
Comrades shouldn't the code or reporting protect readers from reading deliberate misstatements? Depending upon the media source, I guess the answer is either "yes," "no," or "maybe so." It is an interesting question every single taxpayer who will struggle for many years to pay off the 9 million dollars, plus interest, deserve to get a honest answer to? Comrades forget what I thinks but do you as a loyal Tribune reader, believe a damn single word of what you're reading?
proudloudandfnm 8 years, 12 months ago
A boost to the economy?
Yep. For about a week...
This country needs PERMANENT jobs. Not a damned weekend party...
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