Bahamas Chamber of Commerce Chief Executive Officer Edison Sumner said “while we’re not ideally out of the woods yet, signs are pointing to the fact that there is some recovery in the economy”
This year’s state of the economy report is under the theme road to recovery- overcoming economic challenges (How do we fix the problems).
Speaking at a Press Conference for the 2018 state of the economy report, Sumner lauded the success of last year’s forum and said he has noticed quite a bit of suggestions were implemented to the benefit of the economy.
Listing the successes of the Central Bank’s exchange controls policy , the digitizing of government service, as well as the IDB funding renewable energy projects, Mr. Sumner said he’s excited to see what will come out of this year’s forum.
“Last year we saw some issues coming out of the IMF report and even since then, the IMF has also held that position on the country as well, in one of their most recent reports and so to say that we have seen results from last year’s forum is absolutely correct.
We expect now to see further progressions from now and when we do this report next year again,” Sumner said.
This year’s state of the economy report which will be held at the Atlantis resort next Wednesday will feature a keynote speech from Minister of Finance K. Peter Turnquest on fiscal policy and transparency in government ; as well as world bank private sector development specialist Joanna Nasr and Inter American Development Bank chief economist Allan Wright on assessing the credit ratings of the Bahamas.
Sumner said Nasr’s presentation would be especially be important as it relates to the ease of doing business.
“A lot of what we experience from the ease of doing business index is generated by their interviews and their assignments. It’s going to be important for us to understand what they experience when they come in, who it is that they are speaking with, the kind of information that they gather and it’s important for us to know these things, because our objective really is not necessarily to get off of that index or to improve ourselves on the index, but it is to implement effective policies that will inure material benefits to the economy. If we plan it right, the inevitable consequence and result is that we will be lifted up on that list. Ratings are going to come when policies are implemented,” Sumner said.
Addressing the cost of doing business, the ease and access of getting business done, stream lining the processes of doing business and managing the fiscal issues is what Sumner said are among the most important things that can come out of the forum.
He said ultimately the private sector must feel a level of confidence that the information is not falling by the wayside, but that the recommendations are being accepted and implemented.
