NASSAU, Bahamas — The International Monetary Fund’s (IMF) predicted real gross domestic product (GDP) growth for the Bahamian economy for 2018 softened slightly from its May prediction of 2.5 percent to 2.3 percent, a press release from its latest staff mission to The Bahamas revealed.
The IMF’s growth prediction for 2019 softened as well from its May projection, with its 2.25 percent growth prediction falling to 2.1 percent.
Nevertheless, these numbers are an improvement from the Bahamian economy’s run of declines in growth under the previous administration.
The IMF’s press release credits the country’s recent tourism boom as a big reason for the spike in growth. The tourism growth has been credited to the spike in room inventory due to the opening of Baha Mar, increases in airlift, and improvements to the U.S. economy, according to the IMF and The Central Bank of The Bahamas (CBOB).
“Growth is driven by an increase in tourist arrivals, paired with an expansion of hotel room and airlift capacity, and against the backdrop of the continued expansion of the U.S. economy,” the release states. https://thenassauguardian.com/2018/12/11/imf-credits-tourism-boom-for-economic-growth/
