Bowe: Dept of Statistics estimates confirm what we already knew
“We can’t wait five months to get this kind of information”
NASSAU, BAHAMAS — The Bahamas must improve its information-based decision-making if it is to become a “first world” nation, according to a well-known banker, who noted the estimated near 15 percent drop in economic activity in real terms in 2020 was “nothing to sensationalize”.
Gowon Bowe, chief executive of Fidelity Bank (Bahamas), told Eyewitness News that while the recently released data from the Department of Statistics was “useful”, such information must be made available in a more timely manner.
According to the 2020 annual estimates by the Department of Statistics: “Economic activity in The Bahamas contracted sharply by 24.7 percent in nominal terms and by 14.5 percent in real terms (adjusted for inflation), as the effects of the COVID-19 pandemic adversely impacted movement and the level of business activity.
“The total value of goods and services produced in the Bahamian economy was estimated at $9.908 billion in current prices, and at $9.665 billion in real prices.”
Bowe said: “It isn’t anything to sensationalize. The reality is that we knew it was a significant contraction and now we have confirmation of the numbers.
“While it is useful, we need to have this kind of data in a timely manner. It would have been good to have the numbers earlier on because what they are now indicating is that the contraction is greater than what the Central Bank and the IMF (International Monetary Fund) concluded on.”
He added: “We have to start making decisions with empirical data and not by the seat of our pants with a finger in the air. We can’t wait five months to get this kind of information. In the US, employment numbers are provided monthly and GDP is done quarterly at a minimum. In The Bahamas, if we are trying to be first world, we must bring our information-based decision-making up to standard.”
