The 2003 Staff Report of the Bi-Annual Consultation of the International Monetary Fund with the Bahamian Government is a substantive document. In fact it is a series of 61 numbered statements covering 18-pages, four one-page analyses of special topics such as "Competitiveness in the Tourism Sector", nine full-page tables and four appendices.<\/p>\n
The IMF concluded that the Bahamian tourist industry faces "a gradual erosion in external competitiveness because of relatively high labor and utilities costs." It cited data contained in the Tourism Taskforce Report on Trade Liberalization although it did not identify the study by name. It states that the progress of structural reform, namely the privatization of Government
\nutilities and services has been slow and this continues to constrain long-term growth prospects. While steps to increase the flexibility of wage arrangements and to privatize Bahamas telecommunications are welcomed, further steps are necessary.<\/p>\n
Read comments on the IMF report by Mr. Ralph Massey, Economist for the Nassau Institute.