Saturday, October 24, 2020

COVID has severely affected the tourism dependent economy says Bahamas

By ohtadmin

WASHINGTON, Oct 22, CMC – The Bahamas, one of the Caribbean Community (CARICOM) countries, with a high number of cases of the coronavirus (COVID-19) says the pandemic has severely affected its tourism-dependent economy.

Addressing the 50th General Assembly of the Organisation of American States, the country’s Permanent Representative, Sidney Collie, said while The Bahamas is no stranger to exogenous shocks, in recent times it has had to deal with a number of major hurricanes during the period 2015 to 2019; including Hurricane Dorian, the largest Atlantic storm in recorded history.

He said with respect to the current 2020 Atlantic hurricane season, an additional three named storms will result in the most active hurricane season on record and that “the frequency and intensity of these storms are no doubt aggravated by climate change; an existential threat for our region.”

He said the current on-going COVID-19 pandemic has severely challenged The Bahamas and all countries of the region. Collie said that with the country’s economy relying heavily on tourism, the closure of the borders and restriction in the movement of people has resulted in a severe slowdown of economic activity.

Moreover, he said the growing challenges have highlighted the importance of moving beyond antiquated methodologies including the use of the gross domestic product (GDP) per capita in determining access to concessional financing.  Read more >>