The Bahamas economy could fully recover by 2023, Central Bank Governor – Witness News said

Nassau, the Bahamas — Central Bank Governor John Roll said yesterday that the Bahamas economy could fully recover from the economic shock of the COVID-19 pandemic over the next year.

At a press conference, Roll was working on the regulatory agency’s monthly economic and financial trends report for March 2022.

“”By next year, 2023, the economy has the potential to fully recover. It is slightly ahead of the forecast made at the end of 2021. ”

“However, there is still a distinction between a recovery from the worst of a pandemic, where the economy is very depressed, and a very modest annual growth forecast beyond the recovery phase.”

Roll points out that the Bahamas economy faces significant downside risks from policy shifts in the United States and other major countries fighting inflation, and that the war in Ukraine is straining the global economy. bottom.

“But in the short term, tourism is expected to continue to benefit online from the release of stagnant demand carried over from the blockade of travel,” he said.

Rolle said the first three months of the year will be the first January-March quarter of uninterrupted business since 2019.

He goes on to say: “Based on airport departure data (a good benchmark in the stopover sector), quarterly visitor numbers appear to have regained about 75% of the traffic experienced during the same period in 2020, which was at the mercy of the blockade. However, we still need to regain significant profits before the 2019 pre-pandemic winter baseline is lost. “

Roll said: Recent trends are also characterized by an increasing share of the business going to Family Island, where more than half of all lists have been noted. In addition, average occupancy tended to be higher than in New Providence and Grand Bahama. “ The Bahamas economy could fully recover by 2023, Central Bank Governor – Witness News said

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