NASSAU, BAHAMAS — The Bahamas is experiencing significant economic progress and is moving in a positive direction, according to Economic Affairs Minister Michael Halkitis, who criticized the constant pessimism of political opponents, arguing that their predictions of “gloom and doom” have consistently been proven incorrect.
In a voice note, Halkitis noted that 2023 has been a year of continued strong growth for the country, noting that this has been verified by the Bahamas National Statistical Institute, which recently confirmed that The Bahamas surpassed its 2019 growth rate.
“The economy is growing at levels not seen in many years and the nation’s finances are in a far better shape now than they were when we assumed office,” said Halkitis. He advised that in 2021, the country’s debt-to-GDP exceeded 100 percent.
“Now that ratio is near 80 percent and falling. Unemployment is at its lowest level in 15 years. All of this has been achieved while settling a record number of industrial agreements for public sector workers with long overdue pay raises, promotions, and back pay,” said Halkitis.
“Those who oppose us politically have been beating a drum of doom and gloom from day one of this administration, and at every turn, they have been proven wrong. Independent observers from the IMF, to S&P to Moody’s have in their reports since this administration has assumed office acknowledged that The Bahamas is making great strides economically and financially and is headed in the right direction.”
Halkitis did admit, though, that there is still much work to be done, particularly in addressing the cost of living and in consumer protection.
“We are actively considering options to bring further relief in 2024,” said Halkitis.
