National
Recession Not in Sight
NASSAU, BAHAMAS – No recession right now. That’s the word from the Central Bank Governor who released the latest economic report, Monday.
NASSAU, BAHAMAS – No recession right now. That’s the word from the Central Bank Governor who released the latest economic report, Monday.
In fact, the news gets better, as he’s also indicating the economy is set to grow next year.
Despite global predictions of a recession, Central Bank Governor John Rolle says this is unlikely in The Bahamas due to pent-up demand in the tourism sector.
John Hopkins University economists are predicting a whopper of a recession in 2023 for the United States.
And they’re not the only ones. Back in August, CNN reported 72% of economists expect a U.S. recession by the middle of next year.
Despite these grim forecasts, Rolle is saying otherwise.
Rolle says the Central Bank is expecting the tourism sector to complete its recovery through 2023.
He says the cruise market has eclipsed pre-pandemic levels.
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