Business

ERC to present recommendations to Cabinet today

The Economic Recovery Committee (ERC) will present its long awaited report on solutions to help rebuild the economy in the midst of the COVID-19 economic crisis to Cabinet today, Guardian Business was told.

The ERC was formed in May and charged by the prime minister to compile recommendations that are executable within the medium to short term toward the restructuring of the economy.

It was expected to present its recommendations to the government by the end of September.

A high ranking government official said yesterday that the recommendations the ERC will be presenting to Cabinet won’t be full of platitudes but rather tangible and actionable initiatives to help bolster the economy.

“We’ll be reporting to Cabinet tomorrow. It’ll be a full set of recommendations derived from the committee. They are discreet recommendations,” the official told Guardian Business.

“We’re giving the government a comprehensive set of recommendations. We did have a process by which the full committee reviewed all of the recommendations and there was some measure of editing done.”

The ERC was comprised of 10 subcommittees that each submitted dozens of recommendations from their various sectors, which amounted to in excess of 300 submitted recommendations.

The tourism industry, the government’s highest revenue generating sector, isn’t expected to rebound until 2021, with some projections being pushed to 2022 before tourism is fully restored to pre-pandemic levels.

The areas of economic development explored by the ERC subcommittees include digitization and the conceptual economy; energy and environmental stewardship; tourism and the range economy; structural reform; healthcare and social capital; family island development; labor and education; financial services; and commerce, entrepreneurship and nextgen (youth) engagement.

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Paige McCartney

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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