DPM tells Group Bahamas Economy is Stable

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Deputy Prime Minister and Minister of Foreign Affairs the Hon Brent Symonette poses with representatives of the Oxford Business Group, a global publishing, research and consultancy firm that will feature The Bahamas economy in its 2009 Report. Pictured at the Ministry of Foreign Affairs in the Goodman’s Bay Corporate Centre are country director for The Bahamas, Laura Herrero; Minister Symonette; and editorial manager, Steven Dijkhuizen.

Nassau, Bahamas
— Deputy Prime Minister and Minister of Foreign Affairs the Hon. Brent Symonette met with Oxford Business Group representatives for ‘The Report: Bahamas 2009’ to give an insight into the Bahamian economy in the face of a global recession.

“The Bahamian economy has felt the effects of the global financial crisis, with tourism and revenues from excise duties decreasing in recent months,” Mr. Symonette said.

In an interview in The Report: Bahamas 2009, published by Oxford Business Group (OBG), the highly acclaimed global publishing, research and consultancy firm, Mr. Symonette said there have been many layoffs across the tourism industry and that government services will be impacted by the reduced revenues collected from excise taxes.

Despite the downturn, he described economic indicators as stable and told OBG that foreign reserves are high. Additionally, he said in the 2009 fiscal year, the government plans projects in Grand Bahama and in Nassau, among other major capital investments.

Mr. Symonette also told OBG that The Bahamas hopes to better its relations with The People’s Republic of China particularly with regard to improving trade relations, investment and tourism links.

“Our largest investors in The Bahamas have a Chinese base and our relations with China are very important. It is certainly a growing power in the world so we need to position Grand Bahama as an international shipping port, a transhipment facility, and promote our financial services to China.”

The Report: The Bahamas 2009 will have an international distribution of 41,000 based on OBG’s existing subscriber base, and will be a complex guide to the many facets of The Bahamas, including its macroeconomics, infrastructure, political landscape, banking and sectoral developments. Also with a separate focus on the Grand Bahama economy, it will be the most comprehensive intelligence review produced on the country.

Twenty-six per cent of its subscribers are in Europe, 24 per cent in Asia, 21 per cent in the Middle East and GCC countries, 19 per cent in North America, and six per cent in Africa. Twenty-seven per cent are financial institutions, 22 per cent in industry, 17 per cent in IT and telecommunications, 15 per cent in energy, and 15 per cent in real estate and construction.

The 180-page publication will contain the most extensive, independent and accurate intelligence available, and is produced by a team of OBG analysts based in Nassau for six months, who will conduct some 100 interviews with leading political and economic figures.

With sector overviews and analyses supported by a series of exclusive interviews with important political and business figures, it will provide an independent and authoritative look at The Bahamas economy.

Oxford Business Group (OBG) is a global publishing, research and consultancy firm, which publishes economic and political intelligence on the markets of The Caribbean, Asia, Eastern Europe, the Middle East, North and South Africa. Through its range of print and online products, OBG offers comprehensive and accurate analysis of political, macroeconomic and sectoral developments, including banking, capital markets, energy, infrastructure, industry and insurance.

Written by a team of seasoned analysts, based on the ground for six months, the critically acclaimed series of economic, political and business reports have become the leading source of intelligence on the rapidly developing countries in the regions they cover. OBG’s online economic briefings provide up-to-date in-depth analysis on the issues that matter for thousands of subscribers worldwide. OBG’s consultancy arm offers tailor-made market intelligence and advice to firms currently operating in these markets and those looking to enter them.

  • Joe Blow

    I wonder if the banks, in their foreclosure exercises might consider the following suggestion. Allow the families to remain in the homes,without paying rent but with the understanding that they keep all utility bills current as well as minor repairs and yard upkeep. Further they agree to move immediately should the Bank sell the house or be able to rent it out. This way the house will not stand empty and the former homeowner will have a familiar place to live. What do you think?

  • Every country was ill prepared for these economic conditions. The majority of the taxpayers in every G 27 countries were ill-prepared. Their governments acted in panic because there was not time to sit back and think things through. We lived in the bubble of prosperity and were shocked when the bubble burst. That is because we lived way beyond our means and had no soft place to fall. This is because we continued to confuse “wants” with needs and my generation wanted to give your generation all the things we wanted but could not have. EVEN TODAY WE LEAD OUR CHILDREN TO BELIEVE THEY HAVE AN ENTITLEMENT TO EVERYTHING THEY SEE AND DESIRE. No Bahamian government, past or present, put in safeguards like unemployment insurance. We didn’t insist they do so! They continued to give jobs to their supporters even though the public service was overstaffed. This alone caused persons to believe that it was the responsibility of the government to protect them in times of stress. WHY, OH WHY, DO WE THINK THAT THOSE WHOM WE ELECT KNOW MORE THAN WE OURSELVES DO? Or that they are responsible for our well-being? Now is not the time for recriminations! It is time for self-examination! It is a time to ask exactly what we want of the people we elect. Let the candidates know and then “hold their feet to the fire.” It is time we stop allowing political patronage. It is time we let public servants know their jobs are not safe if they do not give a fair days work for a fair days wage. It is time to require those who steal from their employers (us) to make recompense and suffer the natural consequence of their actions. It is time we stop making heroes of our elected officials even while we know some lack integrity and moral stability. It is time we require our church leaders to follow the tenants of their religion and that they stop confirming every Tom Dick and Harry in the religious life. It is time we confiscate all the ill-gotten goods of the drug lords and pushers. It is time that those persons in our police force, immigration and defense force explain how they can live so highly on their salaries. Yes! It is time we look in every corner and sweep clean,from top to bottom, all that we know that is wrong in our country. We can trust no one but ourselves to do so! Remember, in the fullness of time we are promised by Our Father a safe landing, not a calm passage.

  • Altec

    I honestly think that the FNM is shell shocked. They didnt expect things to go this bad this quickly and they dont know what to do.

  • No surprise here but what a NATIONAL DISGRACE!! They suspect that he supports the PLP..

    This govt is just petty!!

    This was NOT a PLP event!! This was about Gomez’s service to the national interest of this country. He has served through several govt’s and most of all he was NOT appointed by any govt!!!