Bahamas loses ground on Global Financial Centres Index
The Bahamas’ ranking in the most recent Global Financial Centres Index 25 (GFCI 25) has declined.
Overall, The Bahamas dropped 18 places from 67 in 2018 with a score of 591, to 85 this year with a score of 585.
Each year, London-based commercial think tank Z/Yen analyzes global financial centers using “133 quantitative measures provided by third parties including the World Bank, The Economist Intelligence Unit, the OECD and the United Nations, with the combination of 29,065 financial center assessments provided by respondents to the GFCI online questionnaire”.
The Bahamas is ranked 8th out of the nine Latin American and Caribbean jurisdictions in the GFCI 25, which found that there were varying results in the region, with five jurisdictions rising in the ranks and three declining – including The Bahamas, Sao Paulo and the British Virgin Islands.
The Cayman Islands performed the best in the region, rising eight places to rank 21 on the overall index, followed by Bermuda which improved to 25 overall, Mexico City which improved to 61, Rio de Janeiro which remained at 65, Sao Paulo which declined to 66, British Virgin Islands which declined to 72, Panama which improved to 82 and Buenos Aires which improved to 90.
The Bahamas was also listed as one of 15 jurisdictions globally with the greatest reputational disadvantage along with Monaco, Kuwait City, Nairobi, Cyprus, Glasgow and Jakarta, among others.
This indicates that respondents’ perceptions of the financial center are less favorable than the quantitative measures alone would suggest, the GFCI 25 notes.