While addressing reporters at a press briefing, Governor of the Central Bank of The Bahamas revealed growth in the Bahamian economy in 2022.
John Rolle said, “the Central Bank’s external reserves increased by approximately $140 million to $2.6 billion in 2022. At the close of January 2023, the external balances was still very close to this level just before the anticipated seasonal build up that is expected to be experienced through the first half of the year. It is likely, however, that as domestic demand further picks up and commercial bank lending increases marginally in relation to 2022.”
Rolle went on stating that as the economy continues to recover a four to six percent growth is expected. “The forecasts that are out there by thee IMF and others lines up reasonably close to what we expect and as we mentioned it reflects the fact that we’re still recovering to the baseline for the tourism sector. Once we move beyond 2023, we expect that, at least from the calendar year basis, that tourism would have regained the output that was lost during the pandemic and therefore the economy will settle into lower average growth rates.”