The Tribune

By NATARIO McKENZIE

Tribune Business Reporter​

nmckenzie@tribunemedia.net​

Hurricane Dorian will have a significant ‘negative impact’ to this nation’s fiscal position, with GDP to take a significant negative ‘hit’ due to the need for massive infrastructural spend.​

Robert Myers, the Organisation for Responsible Governance’s (ORG) principal, told Tribune Business: “This is a tragic and most unfortunate event and one that we have remained concerned about for many years. It is a relief that Nassau was not hit, as this magnitude of storm would have set the country into an unsustainable level of debt that we may never have rebounded from.

“Abaco remains the third pillar of the Bahamian economy and this is disturbing.” ​

He added: “Unfortunately, this storm has caused immense damage to Marsh Harbour and the surrounding areas and the damage to infrastructure, while incalculable at this time, is likely to have significant negative impact to the nation’s fiscal position. Of equal concern is the fact that on top of the need for massive infrastructural spend, there will be a significant negative hit to GDP and employment that will be very damaging to a small community so dependent on tourism and the need for operating infrastructure and functional high quality bed nights.”​

Mr Myers said it will be critically important for funding to be provided for “temporary housing and infrastructure that allows the fastest possible reconstruction of infrastructure, businesses, rental homes, docks, hotels and the communities that have supported and depended on this wonderful ecosystem called the Abacos.

“One can only hope that between the IDB financial commitments, the quick actions of the insurance companies, government and the banks, that this concept is understood and that the bureaucracy is replaced by the sensible desire and need to get the people and businesses of this devastated community back to some form of normalcy as quickly as is humanly possible,” said Mr Myers.​

He continued: “It is critical that the Ministry of Tourism act quickly to inform the world that while we are deeply concerned for the people of the Abacos and we are doing all we can for them that 3/4 of our tourism product remains completely unaffected. We ask our valued visitors of our beautiful nation to please help our plight by rebooking their vacations in any one of our other spectacular island destinations.

“It is of importance for all other Bahamians not directly impacted by this disaster to understand that we must do our beat to pull together to help drive the economy forward to compensate for the losses we will sustain.

“This means we must all try and put our differences aside to put our best foot forward to make sure we remain a first choice for FDI, local development and tourism. We must try and absorb those displaced by the devastation and try and help these families find shelter and work.”