IMF cuts Bahamas growth projection
The International Monetary Fund (IMF) has reduced The Bahamas’ 2024 GDP growth forecast from 2.3% to 1.9%, and further lowered 2025 and 2029 projections to 1.7% and 1.5% respectively. This adjustment decreases the 2024 economic expansion by approximately US$56mn based on the national budget. Gowon Bowe, chairman of the Clearing Banks Association, emphasised the need for new economic drivers beyond traditional sectors like tourism. Opposition politicians used the revised forecasts to raise concerns about the country’s economic trajectory and call for a forward-thinking economic strategy. Additionally, credit rating agencies Moody’s and S&P have also downgraded their growth predictions for The Bahamas.
Source: Caribbean Insight