To achieve sustained and inclusive development, The Bahamas must shift its economic strategy. With a Gross National Product of $8.5 billion, a national debt of $6.8 billion, exclusive of a pension liability of $2.2billion, projected national deficit in 2016-17 of $200 million, the projected growth of GDB for 2016-17 of under 2% is insufficient to meet the employment needs, generate economic growth and exposes The Bahamas to a possible downgrade.
From the projected revenue of $2.2billion, $500 million will be paid out in debt servicing, leaving only $1.7billion to run the Government. It is time to change the unsustainable path. Let us pursue a growth strategy to expand productive sectors, empower Bahamians to own capital and produce sustainable and balanced national development.