First draft of Economic Recovery Committee’s recommendations nearly complete
EyeWitness News May 8, 2020
The recently appointed Economic Recovery Committee is nearly complete with its first draft to submit to the government on the best avenues for The Bahamas to recover from the COVID-19 economic and health crisis.
Prime Minister Dr. Hubert Minnis announced the creation of the committee last week. It is chaired by Acting Financial Secretary Marlon Johnson, with the primary purpose of presenting bold and creative recommendations to the Cabinet on restoring the macroeconomy and restarting a competitive business environment; economic diversification; tourism and transport; financial services; and labor.
“The committee has had its initial meeting and it is going through its draft now. Its aims and objectives and the structure of the subcommittees and those are being finalized now. I should be in a position to be more fulsome on what that looks like by the time we get to next week,” Johnson told Guardian Business yesterday.
“We are looking at it from two particular perspectives. One is sort of what the immediate advice and recommendations would be from the committee for consideration within the current fiscal framework, and then a more extended exercise as to what the recovery and restoration of the economy would look like.”
The economy is projected to contract by as much as 18 or 19 percent this year, with economists predicting that the start of a rebound won’t be evident until next year.
To help the country properly navigate the falloff, the committee was mandated to develop a long-term economic recovery model for the economy, including job creation and stimulating small business recovery and development in response to COVID-19.
The committee is made up of 15 representatives from the public and private sectors.