NASSAU, BAHAMAS — The International Monetary Fund (IMF) is still projecting an eight percent growth projection for The Bahamas this year while warning in its global economic outlook forecast that the worst is yet to come.
The IMF is predicting that global growth in 2023 will slow to 2.7 percent, a 0.2 percentage point decrease from its July forecast.
Its GDP estimate for this year remained steady at 3.2 percent, which was down from the six percent seen in 2021. In its report, the IMF noted that the three major events currently hindering growth are Russia’s invasion of Ukraine, the cost of living crisis, and China’s economic slowdown.
In its projections for The Bahamas, the IMF has maintained this nation’s 8 percent growth forecast for this year.
Back in March, the Fund had projected a six percent growth for The Bahamas and in its 2022 Article IV report in May had projected an 8 percent growth. The IMF has also maintained its 4.1 percent growth projection for The Bahamas for 2023.
Similarly, the World Bank in its Latin America and Caribbean review gave the same eight percent projection of economic growth for The Bahamas this year, with a slight slowdown to 4.1 percent in 2023.
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