The World Bank has revised downward its 2024 economic growth forecast for The Bahamas to 1.8%, a 20-basis points reduction from its previous projection citing regional challenges, including high global interest rates, fiscal deficits, and structural issues. In contrast, the IMF raised its growth projections for the nation to 2.3%.
The World Bank also trimmed its 2025 GDP growth forecast for The Bahamas by 0.3% to 1.5%. Analysts, including Fidelity Bank (Bahamas) CEO Gowon Bowe, highlighted the need for consistent higher GDP growth rates to reduce unemployment and eliminate the fiscal deficit, with a focus on achieving around 5% growth.
Source: The Caribbean Insight (Jan 2024)