The Centre for Economics and Business Research’s (CEBR) latest World Economic League Table 2021 (WELT) shows The Bahamas falling ten places in the table’s ranking over the next 15 years, forecasting economic growth for The Bahamas at 3.6 percent on average over the next five years, before growth sinks and flattens up to 2035.
The CEBR’s outlook for The Bahamas on its table shows the country falling from position 135 in 2020 to position 145 in 2035, out of 193 countries.
According to the document, the WELT tracked countries based on their performance vis-à-vis the COVID-19 pandemic.
“The Bahamas has been hit hard by the COVID-19 pandemic, with 163 deaths as of the middle of December,” the document states.
“This amounts to 42 deaths per 100,000 people. The worst month of the outbreak was October, when 51 lives were lost to the virus.
“The economy of The Bahamas took a significant hit in 2020, contracting by a forecasted 14.8 percent. This reflects the devastating impact of the COVID-19 pandemic on economic activity.
“There is a moderate level of government debt, with the public sector debt to GDP (gross domestic product) ratio standing at 68.7 percent in 2020. This is above the 58.8 percent recorded in 2019, an increase which can be accounted for by the economic and fiscal impacts of the pandemic.”
The CEBR predicts that between 2021 and 2025, The Bahamas’ annual GDP growth rate will hit an average of 3.6 percent, then begin to decline to an average growth of 1.5 percent per year up to 2035, as the country’s WELT ranking also declines.
The WELT describes The Bahamas as a high-income country with purchasing power parity-adjusted GDP per capita of $33,808 in 2020.
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source https://thenassauguardian.com/bahamas-projected-to-lose-ground-on-world-economic-league-table/
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