Tuesday, March 24, 2020

Get 'Game Changer' Industries To Reduce External Vulnerability

Raymond Winder

Tribune Business Editor

Commonwealth Bank's president says the COVID-19 pandemic fall-out has again exposed the urgency for The Bahamas to attract "game changer" industries that will diversify its economy.

Raymond Winder told Tribune Business that this nation had done little to mitigate its vulnerability to external shocks in the two decades since he was Chamber of Commerce president, and the 2002 Organisation for Economic Co-Operation and Development (OECD) report that ranked The Bahamas as fourth most expose to such events.

"It hasn't changed," he told Tribune Business, "and now we finally get to see it played out based on the fact we are so tied to one specific industry, tourism, and the implications of not having sufficient tourists coming to our properties for the next two to three months in terms of the impact on our economy.

"Once again we need to be reminded of that, and how critical it is to create and attract new types of investors into our country. It was critical back in 2001-2003, and it's just as critical now that we do all we can to diversify our economy."  Read more >>