McWeeney: Bahamas Will Emerge Successful

The managing director of one local bank believes that the country will come out on top despite the economic downturn because Bahamians, he said, are naturally resilient people.

"I think some of the initiatives that the government has embarked on, especially the capital projects, are really important to help stimulate activity and get money circulating again," said Bank of The Bahamas managing director Paul McWeeney during a recent interview with the Bahama Journal. "I think what we can be proud of is through the exchange control regime the country’s monetary system is very, very strong, the external reserves are high and system liquidity is very strong."

He said it is because of these things that the country is able to support itself through this difficult time.

"…You’re also starting to see inklings of private sector initiatives especially now that there is some hope with the Baha Mar project," he said. "Something of this nature can help improve education in the country."

"All of these factors can help come together and provide the ingredients for a rebound to take place and I’m confidant that with the activities taking place to the north of us in terms of trying to stimulate activities in the economy and also the initiatives taking place globally in most countries around the world that we will get through this."

Mr. McWeeny explained that the important lesson is what we learn from this difficult period.

Scotiabank’s managing director, Barry Malcolm told the Journal recently that the answer to the economy "has many parts".

"I think everyone is pretty well agreed that we don’t know what will be the extent of the impact of the current economic downturn," he said. "Having said that, I’m the eternal optimist and I feel that if we do the right things as a country to position ourselves, to stay strong, to stay fiscally prudent we will be in a good position when the turnaround comes."

"The pattern right now is to put in place the kinds of programs that will help the country to be in a position to survive economically and to thrive economically and I think we’re doing that."

Mr. Malcolm added that it will take a combination of government borrowing along with other components to "keep the country strong".

"It will also take the banks working with the larger customer base to really support the economy and I think it’s going to turn around," he added. "It will take some time for that to happen but I feel that in time we will see this economic crisis abate and the key is for us is to really as a country be in a position to take advantage of the opportunities that will be there once this current economic downturn settles."