Business

Govt concerned about economic impact of U.S.-Iran tensions

As the eyes of the world focus on the rising tension between the United States and the Islamic Republic of Iran, as well as the global economic fallout that could arise, Deputy Prime Minister and Minister of Finance Peter Turnquest said given the vulnerability of The Bahamas there is concern.

Following a drone attack ordered by U.S. President Donald Trump that killed Qassem Soleimani, a top Iranian general, the U.S. is bracing for retaliation, leading many around the world to fear war.

With global crude oil prices already on the rise as a result of the conflict, Turnquest said the government is watching how the tensions unfold.

“We always have to be concerned with respect to global events because we are an open and vulnerable community and we depend particularly on the U.S. market for much of our tourism. We have to watch the patterns to ensure that our visitor source markets are not discouraged from vacationing and taking advantage of the beautiful and peaceful environment that we have here in The Bahamas, so the Ministry of Tourism will continue to do its work,” he said.

“We have to watch oil prices because that can have a very negative effect on our overall costs in the destination, but as it stands at the moment, hopefully cooler heads will prevail and we will be able to avert any major hiccups.”

Experts have warned that oil prices could double if the U.S.-Iranian tensions escalate.

The price of Brent crude oil increased three percent in the days immediately following the attack, but has since dropped by at least one percent.

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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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