The College of the Bahamas (COB) presented a panel discussion about Bahamian Economic Resiliency and the Global Economic Crisis on Wednesday at its Performing Arts Center in Nassau. The event was sponsored by the CFA Society of the Bahamas and the Bank of the Bahamas International (BOB).
Moderator Wendall Jones, chairman and chief executive officer of Jones Communications International Ltd, orchestrated the discussions, which initially centered on the immediate headwinds facing the Bahamian economy, as well as oil inflation, slow economic growth and high national debt.
“Oil prices factor into all [economic] projections, especially considering our dependence on imports,” said panelist Wendy Craigg, Governor and Chairman of the Board of Directors of The Central Bank of The Bahamas, adding that she expects oil prices to return to “reasonable levels soon.”
Slowing and uneven economic growth was a concern of all the panelists. With growth forecasts coming in at 1 to 3 per cent, there is concern that this will fall short of national needs. “I am worried about the ‘new normal’ and the much more competitive environment with attracting foreign investment funds,” said Michael Halkitis, a chartered financial analyst and member of the senate. “There will be big challenges going forward.”
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