• Economy

    OBG provides coverage of the major macro-economic trends within local economies, including GDP growth, government budgeting, public debt, balance of payments, monetary policy and long-term development strategies.
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The economy of the Bahamas is expected to face another lean year before embarking on a modest recovery and moderate but steady growth, though many of the problems are not of the country's own making.
Though the hurricane season is in its full swing, it is a storm of another kind that many Bahamians are bracing themselves for, with the deepening recession blowing a chill wind across the country's economy.
In defiance to the global downturn, Bahamians are being urged to consider the period of slowed business activity as down time in which to prepare for the next growth cycle.
Prime Minister Hubert Ingraham's government has promised to ramp up spending to help keep the economy moving following a recent decision by international ratings agency Standard and Poor's (S&P) to downgrade its outlook for the Bahamas.
The Bahamas government is looking at a mix of caution and capital expenditure to mitigate the effects of the global financial crisis on the island nation's economy, though some opposition and business leaders have called for more extensive relief to assist the private sector and the disadvantaged in the community.
The Bahamas, along with 12 other Caribbean countries, has approved an Economic Partnership Agreement (EPA) with the EU, even as it is still debating whether to remove trade barriers in the services sector.

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