NASSAU – Prime Minister Perry Christie says the task of maintaining the local economy has become a “daunting” task in light of the slow and recovering global economy.
Addressing the Bahamas Business Outlook on Monday, Christie said 18 months into his administration, it has had to deal with strengthening the economy, increase jobs, address social ills including poverty and crime.
“This task has been a daunting one within the context of a still slow, although recovering U.S. economy, a sluggish European economy, and a lingering international recession except most notably in China. We are encouraged by reports of projected strengthening of the economies of major developed countries,’ Christie told the conference organized by The Counsellors.
He told the delegates that “these adverse external economic conditions have been particularly impactful upon three major components of our economy, tourism, financial services and international shipping.
The Bahamas Business Outlook is being held under the theme Charting The Course For Growth In 2014.
Prime Minister Christie told the conference that in order to maximize economic growth here the government would soon be appointing a National Economic Council “to keep the economy under constant review and to advise the Government on ways to grow and sustain the economy and to provide greater economic opportunities for Bahamians”.
He said the Caribbean region has, in many ways, been an example of the great successes that can be achieved by small open economies through the efficient management of its often limited resources. But he noted the similarities of their economies can also serve as a cautionary tale as to what can happen if they were not careful to avoid common pitfalls. (CMC)
