Wednesday, May 27, 2020
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DPM: Nearly 4,000 new businesses created

Deputy Prime Minister and Minister of Finance Peter Turnquest yesterday attributed the “bolstering economic growth” in the country to the nearly 4,000 businesses he said were created in the past year.

“When we talk about this growing economy and this 1.6 percent growth in GDP, this is an abstract concept for a lot of Bahamians. What is not an abstract concept is that 3,777 new business have been established and issued licenses just within the last year,” he said as he started debate on the 2019/2020 budget in the House of Assembly.

“That’s significant, that’s real. Bahamians being empowered and Bahamians who are employing others through their empowerment. If you can’t understand 1.6 percent and a growing GDP, you can certainly understand that, new businesses starting means new opportunities are being created.”

The domestic economy grew by 1.6 percent in 2018, short of the 2.3 percent growth projection made by the International Monetary Fund (IMF).

Turnquest said the government’s focus on improving businesses by eliminating “the high level of bureaucratic inefficiency incurred by individuals and companies doing business with the government” further incentivizes Bahamians to start their own or expand their existing businesses.

“When we make matching small and medium-sized businesses with capital avenues a priority, we empower Bahamians, while helping them to create jobs and new products for our economy,” he said.

“This is what stimulates the economy to expand. This is what guarantees sustainable growth for the long term. You see, the solution to our economic woes is not found in quick fixes. Instead, it is found in addressing the critical needs of the economy, as it relates to both infrastructure and policy development.”

Business Reporter at The Nassau Guardian
Paige joined The Nassau Guardian in 2010 as a television news reporter and anchor. She has covered countless political and social events that have impacted the lives of Bahamians and changed the trajectory of The Bahamas.
Paige started working as a business reporter in August 2016.
Education: Palm Beach Atlantic University in 2006 with a BA in Radio and Television News
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