The Tribune

DOZENS of regional and international experts attended the annual RF Bank and Trust Economic Outlook at Baha Mar resort yesterday, with Economic Affairs Minister Michael Halkitis giving the opening remarks.

This year’s theme for the conference is “Evolving Risks: The Way Forward.”

In his address, Mr Halkitis spoke to the disruptive impacts of Hurricane Dorian, the COVID-19 pandemic and other ongoing geopolitical upheaval like the Russian Ukrainian war and asked attendees: “How do we mitigate these challenges?”

He continued: “How do we create adaptable economies in a mutable world? And how do we foster resilience and cultivate an economic culture that can survive and thrive in the face of rapid change and instability?”

Pointing to the conference’s theme, Mr Halkitis said it speaks directly to these concerns and told attendees that issues regarding leadership in an unstable world, geopolitical risks and opportunities, inflation will be among the key topics discussed.

He also said conferences like this one were important because it serves to “create linkages between industry professionals, provide space for networking and lateral learning while also providing opportunities for personal and professional growth.

It is also very informative for the public, he added.

“This administration is keen to support conferences and events like these especially given that the objective aligns closely with what we are working so diligently to achieve and that is the dispersion of knowledge that will form decision making among the population and in the business environment,” said Mr Halkitis.

“We also value the public sector dialogue and collaboration that it fosters.”

Mr Halkitis then pointed to the government’s Blueprint for Change which he said outlines an “aggressive recovery plan” on the way forward following the Hurricane Dorian crisis and then the COVID-19 pandemic.

“We promised that we will do all in our power to foster economic growth and diversification, digitisation, digitalisation and innovation and we believe that it is the role of the government to foster a stable economic and political environment,” he added.

“And so, therefore, being wary of the propensity of tax increases to wait on an economic recovery and growth, we resolve to avoid tax increases and instead implementing an economic system recovery strategy that consists of four main components, fostering economic growth, improving revenue administration, expenditure control, and finding and/or developing new sources of revenue.

“We believe that these four elements working in tandem with each contribute to the recovery of the economy and the rebuilding of the fiscal headroom lost to the twin crises of Dorian and COVID-19.”

He added that the government remains encouraged by the country’s progress to date, highlighting improvements in The Bahamas’ revenue performance, and a decrease in the deficit among other things.

“These are encouraging signs,” he added, “But as I said before, the work must continue.”

“We will be successful if we work together, sharing information and implementing best practices for the total management of our fiscal and economic affairs and it is my wish that this is RF Economic Outlook Conference proves to be beneficial and rewarding for both the organisers, the presenters and the attendees.”