Friday, October 23, 2020

ERC recommends “ambitious” 8-fold agriculture and fisheries GDP output


Natario McKenzie
Eyewitness News

NASSAU, BAHAMAS — The Economic Recovery Committee (ERC) has recommended that the government pursue the “ambitious goal” of increasing the agriculture and fisheries sector’s contribution to GDP eight-fold over the next decade.

According to the ERC’s executive summary report, this would mean increasing its yield from $150 million per year or 1.5 percent of GDP) to a minimum of $1.2 billion or 10 percent by following through on targeted public and private investments in these sectors.

“The output of the Agriculture and Fisheries sector has historically underperformed, contributing only 1.5 percent to GDP, on average, since 1984,” it read.

“For years, the country has had the ambition to increase the contribution of agriculture and fisheries. However, that ambition needs to be developed into a focused and articulated strategy with set objectives, targets, and milestones. The ERC maintains that a cornerstone of economic sustainability, reliability, and dynamism is the recognition that food security is a key component of national security.

“In addition to this, the ERC also believes that policymakers must take bold steps to ensure that the country is capable of producing a basket of goods which, at a minimum, allows citizens access to essential goods,” the ERC said, adding that productivity within these sectors could be much higher if certain foundational issues are addressed.  Read more >>