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VOLUME:118 No.09, DECEMBER 3, 2020
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CLASSIFIED TRADER: CARS, CARS, CARS & MORE CARS
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IMF WARNS: LONG, HARD ROAD AHEAD By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Bahamas faces “anything but a V-shaped recovery” from COVID-19 with the International Monetary Fund (IMF) yesterday warning a four-year haul to regain economic output lost in 2020 lies ahead. The fund, in a statement on its annual Article IV consultation with The Bahamas, also further slashed its projections for the Bahamian economy’s performance this year and in 2021 as it branded this nation “one of the hardest hit countries in the Caribbean” due to more than 7,500 COVID-19 infections. Its latest forecast increased the severity of The Bahamas’ real gross domestic product (GDP) shrinkage to -16.2 percent for 2020, as opposed to its last -14.8 percent
contraction estimate, while further slashing 2021’s economic growth forecast to a relatively tepid two percent. The latter revision represents a further cut, after the IMF previously revised its projections for next year’s GDP growth from 6.7 percent to 4.6 percent as recently as October. With The Bahamas’ short-term rebound prospects more than halved, and a further $269m slashed from 2021’s forecast economic output, this nation faces a longer and harder recovery than initially thought. The IMF forecast that Bahamian GDP will only recover to pre-COVID-19 levels come 2024, meaning that this nation likely faces a four-year climb at least to dig itself out of the hole created by the pandemic. FULL STORY - SEE BUSINESS
DISNEY PROJECT PROTEST REACHES 400K MILESTONE A PETITION launched by environmental activists in protest of Disney’s plans to construct a multi-milliondollar cruise destination in South Eleuthera has collected almost 400,000 signatures. The petition is a part of a campaign, “STOP Disney Last Chance for Lighthouse Point”, to persuade the international company to abandon its plans. Up to press time
yesterday, total signatures exceeded 399,000 on website change.org, with campaign officials describing the move as an “exciting” one. “We’re looking to reinvigorate the campaign and continue pushing out the fact that we do need answers to our questions,” re-Earth president, Sam Duncombe told The Tribune. SEE PAGE THREE
WHEN WILL WE GET IT? By TANYA SMITH-CARTWRIGHT tsmith-cartwright@tribunemedia.net AS the United Kingdom became the world’s first country to authorise use of a COVID-19 vaccine, Minister of Health Renward Wells said the government is still determining which brand it will secure. This comes as questions persist about health officials’ plan for storage and distribution of the high maintenance drug. Yesterday, Mr Wells told reporters he would like to avoid the expensive route that involves the purchase of special cold storage freezers. “As you know you have to keep it (the Pfizer vaccine) in negative 90 degrees F, which is excessively cold. So we were looking to purchase freezers if we go the route of Pfizer, if we go the route of Moderna, which doesn’t need that kind of freezer equipment, obviously it would
be less expensive for the Bahamian people. “We’re looking to secure vaccines immediately,” he added. Addressing its weekly COVID-19 webinar, PAHO assistant director Dr Jarbas Barbosa said The Bahamas can have access to the COVID-19 vaccinations between March and April of 2021. He also said though the production of the vaccine seems quick, PAHO is of the opinion that it will be effective against the virus. Pharmaceutical giant Pfizer and its partner BioNTech released the final analysis of the vaccine the companies generated and found it to be 95 percent effective, which is a significant improvement over the 90 percent effectiveness shown in an interim analysis earlier. SEE PAGE FOUR
ANTI-OIL PETITION ‘80 PERCENT OVERSEAS’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE oil exploration battle further heated up last night after Bahamas Petroleum Company (BPC) sought to discredit an activist petition by asserting just 20 percent of signatories were local. The explorer, which almost certainly faces a
THE STENA Icemax drill ship. legal challenge to its bid to start exploratory drilling on December 15, said in a
statement that research suggested that the Our Islands, Our Future coalition was using overseas signatories to skew the results of a petition that has attracted more than 50,000 backers. BPC added that, in so doing, it was “trying to turn the view of Bahamians against this potentially transformational project”. FULL STORY - SEE BUSINESS
Nassau & Bahama Islands’ Leading Newspaper
HAS COVID-19 CAUSED DEATH RATE INCREASE? By LEANDRA ROLLE Tribune Staff Reporter lrolle@tribunemedia.net ALTHOUGH the country has not recorded daily COVID-19 deaths for several weeks, some funeral homes say they are still seeing a major uptick in overall deaths which they are attributing to an overburdened health care system. Bahamas Funeral Directors Association President Kirsch Ferguson told The Tribune yesterday that COVID-19’s impact has had far-reaching consequences, one that has affected the nation’s death rate. SEE PAGE FOUR
FRONT PORCH COVID-19, LIFEBOAT ETHICS AND CONSPIRACIES
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