Even though the global recession is said to be ending prospects for growth in The Bahamas' tourism market remain weak and could be further affected by increased unemployment in the United States, according to State Minister for Finance Zhivargo Laing.
The International Monetary Fund (IMF) recently warned that unemployment in the United States will get worse over the next year and could potentially impact the Caribbean's and The Bahamas' tourism market.
Prime Minister Hubert Ingraham and Minister Laing returned home yesterday from the 2009 Annual Meetings of the International Monetary Fund and the World Bank Group in Istanbul, Turkey.
"So, that was a note of caution that ought to be taken into account as we forecast our economic prospects over the next 12 months and as we develop and determine our policy options for over that same period of time," Minister Laing said in an interview with the Journal yesterday.
Minister Laing noted that the global economy was an "overriding issue" during the meeting.
"These meetings serve several purposes, one of which is for the entire global community to analyze the state of the world economy to get a sense of what may need to be done in terms of addressing any issues and to look at the actual institutions, the IMF, the World Bank and see what issues might need addressing in respects to those particular institutions," he said.
"In this instance the overriding issue was the global economy and what came out of the discussions was clearly that the global economy seems to be coming out of the recession but that recovery was still a tenuous one. Therefore, there was a clear debate over what ought to be the process of the developed countries withdrawing stimulus packages and that debate continued to be an open one; there was no actual conclusion as to what and when those stimulus packages ought to be withdrawn."
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The International Monetary Fund (IMF) recently warned that unemployment in the United States will get worse over the next year and could potentially impact the Caribbean's and The Bahamas' tourism market.
Prime Minister Hubert Ingraham and Minister Laing returned home yesterday from the 2009 Annual Meetings of the International Monetary Fund and the World Bank Group in Istanbul, Turkey.
"So, that was a note of caution that ought to be taken into account as we forecast our economic prospects over the next 12 months and as we develop and determine our policy options for over that same period of time," Minister Laing said in an interview with the Journal yesterday.
Minister Laing noted that the global economy was an "overriding issue" during the meeting.
"These meetings serve several purposes, one of which is for the entire global community to analyze the state of the world economy to get a sense of what may need to be done in terms of addressing any issues and to look at the actual institutions, the IMF, the World Bank and see what issues might need addressing in respects to those particular institutions," he said.
"In this instance the overriding issue was the global economy and what came out of the discussions was clearly that the global economy seems to be coming out of the recession but that recovery was still a tenuous one. Therefore, there was a clear debate over what ought to be the process of the developed countries withdrawing stimulus packages and that debate continued to be an open one; there was no actual conclusion as to what and when those stimulus packages ought to be withdrawn."
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With tourism down and expected lower, at least there will be fewer visitors to get robbed in Nassau now, right? (See related story in this issue.)