Bahamas’ 20% shrink ‘not seen in worst crisis’
Bahamian economic output shrunk by a “remarkable” 20 percent in 2020, an Inter-American Development Bank (IDB) economist said yesterday, branding this COVID-induced plunge as “something you don’t see in the worst crisis”.
Gov’t to avoid global bond market for year
The Government last night affirmed it plans to avoid the international bond markets for the next 12 months while raising 57 percent of its $1.761bn financing needs for 2022-2023 from domestic investors.
ECONOMY CRASHED $9.5BN FROM COVID: Full impact of crisis laid bare - including $2.4bn in lost wages
THE impact of COVID-19 on the Bahamian economy has been pegged at $9.5bn, according to a joint study by the Inter-American Development Bank (IDB) and Economic Commission for Latin America (ECLAC).
COVID imposes $120m public health system cost
A Cabinet minister yesterday said COVID-19 has cost the public health system some $120m to-date, leaving it with $50m in “unbudgeted debt” which he discovered upon taking office.
Cruise tourism reliance exacerbated COVID hit
The Bahamas was yesterday urged to intensify its focus on the digital economy as a new source of gross domestic product (GDP) growth post-COVID.
Competition law could help cruise challenges
Fulfilling The Bahamas’ long-standing commitment to enact competition laws could help prevent the cruise lines directing passengers to patronise select tours, attractions and retailers, it is being argued.
BNT fears message sent over poaching-accused uncertainty
The Bahamas National Trust’s (BNT) executive director last night voiced fears that suspected fisheries poachers “caught red handed” in the Exumas may be allowed to leave this nation without being charged.
Bahamas among most exposed to Ukraine war
The Bahamas must brace for multiple economic “uncertainties” over the next 12-18 months, a governance reformer warned yesterday, after it was named among the eight Western Hemisphere states most vulnerable to the Ukraine war.
DevCO slams concrete maker over ‘gross underperformance’
The Grand Bahama Development Company (DevCO) has accused a concrete manufacturer or “gross contractual underperformance” and asserted that it cannot continue to grant it an aggregate monopoly that excludes local rivals.
COVID collapse sparked rare $1.7bn ‘dual deficit’
Tourism’s “collapse” at COVID-19’s peak “exposed the fragility” of The Bahamas’ current economic model by producing rare twin goods and services trade deficits worth a combined $1.7bn.
GB Chamber targeting SME boost for island’s West End
The Grand Bahama Chamber of Commerce president yesterday said the group is aiming to stimulate small and medium-sized business growth in the island’s West End after the latest bid to acquire the former Ginn project foundered.
Retailers enjoying rebound in Independence Day sales
Retailers yesterday said Independence Day sales are much stronger than last year with one reporting a 10 percent year-over-year increase.
Getting to the root cause by killing seeds of crime
Allianz Global Corporate and Specialty (AGCS), in a June 15, 2022, report has predicted an increase in strikes, riots, violent protest and general social disorder on a global scale. This continued upheaval has been associated with the post-COVID fall-out, and the increased cost of living that comes with scarce basic human necessities. The United Nations secretary-general, speaking of the war in Ukraine, which has impacted more than 30 percent of the world’s wheat production, said in March: “All of this is planting the seeds of political instability and unrest around the globe.”
Cable beats target by $50m on ‘largest ever refinancing’
Cable Bahamas yesterday revealed it beat its preference share rollover target by $50m as it hailed completion of “the biggest refinancing the market has ever seen”.
Super Value transport budget up 47% as gas prices strike
Super Value’s principal yesterday said shoppers have “cut back drastically” on luxury items to make every dollar count, while revealing the supermarket chain’s own transportation budget has soared 47 percent.
