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International Monetary Fund

This 1999 Article IV Consultation highlights that real GDP growth for The Bahamas accelerated from less than 1 percent a year in 1994–95 to 4 percent in 1996, but slowed somewhat in 1997–98 as construction work on a second phase of tourism projects led to a decline in the number of available hotel rooms and in tourist arrivals. Following the completion of the expansion projects in November–December 1998, tourist arrivals rose sharply in the first quarter of 1999.

International Monetary Fund

This paper assesses the evolution of Eastern Caribbean Currency Union (ECCU) real exchange rates over time, and examines whether the region has lost competitiveness. The main finding is that there is little evidence of overvaluation of the Eastern Caribbean (EC) dollar. The relationship summarized above permits the calculation of equilibrium current account balances or norms. The financing of ECCU current account imbalances appears stable. This paper also provides evidence on the distinctive impact that tourism plays in the determination of the real exchange rate in tourism-driven economies.

International Monetary Fund

The Bahamas’s 2005 Article IV Consultation reports that the economic slowdown has contributed to deterioration in the fiscal accounts. The Bahamas is a small, open, and relatively wealthy economy, which is highly dependent on tourism from the United States and offshore financial activities. Offshore financial activities have developed rapidly since the early 1990s and account for roughly 15 percent of GDP. This has reduced the economy’s dependence on the tourism sector, which is focused on the higher end of the U.S. market but still accounts for one-fourth of GDP.

International Monetary Fund. Western Hemisphere Dept.
This 2013 Article IV Consultation highlights economic developments and policies in The Bahamas. The paper focuses on policies to secure fiscal, external, and the financial sector stability, and strengthen medium-term growth. It outlines that the authorities need to implement comprehensive policies to restrict the central government deficit and reduce debt to comfortable levels. It suggests that economic activity in The Bahamas is expected to pick up more strongly from 2014 onward as the U.S. recovery accelerates and The Bahamas starts operations. Also, investment is projected to remain strong in the near future.
International Monetary Fund
The Bahamas’s 2005 Article IV Consultation reports that the economic slowdown has contributed to deterioration in the fiscal accounts. The Bahamas is a small, open, and relatively wealthy economy, which is highly dependent on tourism from the United States and offshore financial activities. Offshore financial activities have developed rapidly since the early 1990s and account for roughly 15 percent of GDP. This has reduced the economy’s dependence on the tourism sector, which is focused on the higher end of the U.S. market but still accounts for one-fourth of GDP.
International Monetary Fund
Prudent macroeconomic management, strong growth, low inflation, small fiscal deficit, and public debt have helped The Bahamas attain the highest standard of living in the Caribbean. Executive Directors supported the government’s goals of balancing the budget and reducing debt. They encouraged the use of market-based monetary policy and tax administration. They emphasized the need of a macroeconomic policy framework, international reserves, and a strong financial framework. Directors appreciated the performance of the financial system and also for modernizing the regime to combat money laundering and terrorism financing.
International Monetary Fund
The Bahamian economy began a tepid recovery in 2010, following a sharp recession in 2008 and 2009 in the wake of the global financial crisis. Real GDP grew by about 1 percent. The rebound was driven by the trade, hospitality, transport, and government services sectors. Executive Directors welcomed the gradual recovery of the Bahamian economy. They also called for steadfast implementation of reforms to place public debt on a sustainable path, build fiscal buffers, and enhance medium-term growth prospects.
International Monetary Fund
This 1999 Article IV Consultation highlights that real GDP growth for The Bahamas accelerated from less than 1 percent a year in 1994–95 to 4 percent in 1996, but slowed somewhat in 1997–98 as construction work on a second phase of tourism projects led to a decline in the number of available hotel rooms and in tourist arrivals. Following the completion of the expansion projects in November–December 1998, tourist arrivals rose sharply in the first quarter of 1999.
International Monetary Fund
The staff report for The Bahamas’s 2009 Article IV Consultation examines economic developments and policies. The financial sector, including the offshore sector, accounts for about 20 percent of economic activity. Exchange controls are maintained on capital transactions, narrowing the field of investment opportunities for local wealth, largely to real estate and government debt. Macroeconomic policy has historically been geared to maintaining fiscal sustainability, attracting investment, and supporting the exchange rate peg.
International Monetary Fund
This Selected Issues paper for The Bahamas reports that the largest portion of tourism expenditure in The Bahamas comes from stayover visitors, and total tourism spending has been stagnant. The Bahamas is a small open economy highly dependent on tourism and the offshore financial sector. Private consumption expenditure in the country or countries of origin is the most important determinant of tourism in The Bahamas.