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The Central Bank on the future of the economy

The Central Bank of The Bahamas’Monthly Economic Financial Developments report for November gave a brief projection in regards to the economy:

“Short-term prospects for the domestic economy appear improved relative to 2010, supported by anticipated steady gains in tourism and higher levels of foreign investment activity. While these will have a positive impact on unemployment, the rate is expected to remain elevated over the near-term, pending a broadening and deepening of the economic recovery. Still, significant headwinds remain, given the persistent weakness in U.S. domestic demand, which is a key determinant of tourism performance.

“To the extent that economic conditions are more favorable, the potential for improvement in the fiscal situation is likewise enhanced. On the monetary front, both liquidity and external reserves should remain relatively buoyant, underpinned by stable real sector inflows and the continuation of relatively weak private demand impulses over the near-term.”

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