Business

Economist: S&P Report “Reflected What Most of Us Already Know”

NASSAU, BAHAMAS – There have been some strong reactions to the most recent S&P Report on The Bahamas, including economist Zhivargo Laing.

Published

1 year ago

September 30, 2024

Marlena Leonard

NASSAU, BAHAMAS – There have been some strong reactions to the most recent S&P Report on The Bahamas.

As the report predicts, the Bahamian economy will slow to 1.8 perfect this year, and pointed to us having a below-average long-term growth performance compared to similarly developed nation.

“Our economy, rising out of the pandemic, was in recovery, had a rapid recovery, that recovery is slowing so the economy is slowing going back to normal times,” Zhivargo Laing explained.

“Pointing out that we are likely to have a slower growth in a year or two doesn’t say anything for The Bahamas because if you look at our growth trends over the last decades, you will see- one year you grow, one year you grow slower, next year you grow, one year you grow slower. It’s just been that way.”

As for those who have called the report’s view of our economy bleak, Laing disagreed noting that it needs further analysis.

“The fact of the matter is, The Bahamas has a more mature economy than many of the economies in the region. By mature I mean, that we have been functioning at the level of dependence on services aspects of the economy- financial services, tourism.”

Still Laing acknowledges that there is much work to be done.

When asked if he feels government should be concerned about the report’s findings, he said if the government was not concerned before then the report will definitely be something to “prompt concern.”