Thursday, March 19, 2020

COVID-19 potential cost to The Bahamas roughly $1 billion

Deputy Prime Minister of The Bahamas, Peter Turnquest

By (MENAFN - Caribbean News Global)

NASSAU, Bahamas — Deputy prime minister and minister of finance Peter Turnquest projections reveal that, the costs from the COVID-19 crisis could total $1 billion over four months. The projection is on the high end - based on model assumptions on the likely impact of the novel coronavirus in The Bahamas.

'We ran three scenarios – low, medium and high impact – based on assumptions of varying degrees of losses for tourist arrivals over four months,' he said in the House of Assembly.

'The projections produced by these scenarios are by no means precise and all-encompassing, as the fallout in tourism will have a cascading impact on a number of other sectors within the domestic economy. However, the outcomes for each scenario within this preliminary assessment will help us to adopt a reasonable and responsible approach to contingency planning.  Read more >>