Categorized | Featured, National News

PM Wants Six Percent Unemployment Rate


Prime Minister Dr. Hubert Minnis is confident that The Bahamas can achieve a six percent unemployment rate with only the expansion of the country’s tourism sector.

The prime minister explained how the six percent unemployment rate can be achieved as he wrapped up debate on the Mid-Year Budget Communication in the House of Assembly yesterday.

“Suppose, Mr. Speaker, we move hotel occupancies from 65 percent to 85 percent, not 100 percent,” Dr. Minnis said.

“Eighty five percent occupancy would mean an additional 3,600 rooms occupied every night in The Bahamas. That is equivalent to filling a property one and half times that size of Baha Mar every night. 

“An additional 3,600 rooms occupied every night at double occupancy would mean an additional 438,000 annual stopover visitors with an average length of stay of six nights. 

“With each visitor spending the average $1,500 per visit, moving occupancies from 65 percent to 85 percent would mean an additional $657 million in incremental visitor expenditure in The Bahamas. 

“When we look at the data showing the number of direct, indirect and induced jobs that would be created by such an outcome, the six percent level of unemployment is achievable from tourism sector expansion alone. And without building one more room in The Bahamas.”

Earlier this month, the prime minister predicted that unemployment will drop to less to six percent by 2021.

During his contribution, the prime minister also added that when occupancies of existing properties increase at satisfactory room rates, more investors make money and The Bahamas tourism sector becomes an even more attractive place for local and international investments.   

“While we will continue to attract new investments in the tourism sector, as you will have heard as recently as two weeks ago, we really do not need any new investments in mega resorts in order to get the reduction in unemployment targeted,” Dr. Minnis said.   

Written by Jones Bahamas

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