NASSAU, BAHAMAS — The government is making significant investment in the domestic economy to ensure that the local economy is robust enough to carry the country if the tourism industry does not rebound as expected.
Deputy Prime Minister and Minister of Finance K Peter Turnquest spoke at a press conference yesterday.
“We are making a significant investment in the domestic economy to support small and medium sized enterprises to ensure that if all else fails, we have a robust and strong domestic economy that is going to continue to produce income for those who can take advantage of all the opportunities that exist,” he said.
“If we consider that our international tourist business is going to be down it will mean more demand for domestic production. If persons can’t travel people are going to have to buy at home, shop at home and go to restaurants.”
Turnquest said: “In as much as tourism may not do well as we would like the domestic economy will have a boost and that will carry us through this period. In addition, we are continuing to explore other avenues of income every through other creative means.”
Acting Financial Secretary Marlon Johnson said the Ministry of Finance continues to assess different scenarios to likely impact government’s projections.
“We are continuing to work through different scenarios, if the tourists don’t come back and if there is a third wave in the United States; all of the things that could happen,” he said.
Johnson added: “Our job is to look at those scenarios, possible policy responses and advise the government on the policy responses.”