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IMF: Baha Mar to help lead economic pickup

The Bahamas should see a boost in economic growth beginning in 2014, according to the International Monetary Fund. The fund said that a reduction in stopover tourist arrivals and the completion of major public infrastructure projects is being offset by a pickup in foreign private investment under the large Baha Mar project and other smaller foreign-financed ventures in the tourism sector. Read our excerpt from Caribbean Journal. (CaribJournal.com) 

Source:
Date:
Updated:
Caribbean Journal
Tuesday, November 19, 2013
Tuesday, November 19, 2013

The Bahamas should see a boost in economic growth beginning in 2014, according to the International Monetary Fund.

The fund said that a reduction in tourist arrivals and in the completion of major public infrastructure projects was being offset by an increase in foreign investment in large part due to the Baha Mar resort project in New Providence.

Starting in 2014, economic growth is expected to pick up as the US economy strengthens, tourist arrivals rebound and the Baha Mar opens, the Fund said.

Together, that will lead to an increase in GDP of 2.75 percent in 2015-2016 before moderating to around 2.5 percent afterwards, according to the fund, which recently completed a mission to the country to conduct discussions on the 2013 Article IV consultations.

This is an excerpt from Caribbean Journal as it appeared on November 19, 2013. For updates or to read the current version of this post in its entirety, please click here.

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A large, high-ranking delegation from The Bahamas attended the Commonwealth Heads of Government Meeting (CHOGM) held in Colombo, Sri Lanka, November 15-17.

The chairmen of Baha Mar Ltd and Meliá Hotels International today signed an agreement for Meliá to operate the all-inclusive Meliá at Baha Mar, in the luxury leisure development Baha Mar.

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