The Need For National Demographics And Economic Statistics

It is not common to find countries voluntarily donating large sums of money to help in the development of related socioeconomic projects in other countries or providing manpower in cases of acute shortage to deal with complex sudden problems of epidemic proportion. Basically, the need for this help and urgency of providing assistance does not arise in a vacuum; rather it is based on the domestic information and analysis of a nation’s economic, social and political state.

We know quite well that our international economic rating has been steadily impressive and sound. Moody Agency has been doing a very fine job in respect of recognition of the present and past governments’ economic policies that have earned us a resilient credit rating around the world. However, we must be careful to accept hook, line and sinker the credit rating as the hallmark of our national development.

For one fact, our rating as the third highest income economy in the region is right, but still does not represent the true state of substantial number of citizens of The Bahamas. Is the high income based on the number of people currently employed? Or does it represent a certain sector of the economy or the entire sectors of the economy? Does the rating, as well as other economic related data professionally and efficiently prepared and distributed by the Central Bank of The Bahamas translate into the social demographic reality of The Bahamas?

The economic development of the country does not depend on the government alone. As a matter of fact, the economic development of any country is dependent on the initiative of the various private enterprises. But how does the private sector plan and develop strategically in order to succeed in modern globalized and competitive environments if they do not have adequate national information to facilitate their marketing, pricing, production and cost decisions.

We have often relied on the US market as the basic source of supply of our staple consumable needs when in fact we have substantial consumer population with high propensity to consume that can adequately demand for goods and services produced in The Bahamas at higher aggregate level. Has the private business community taken advantage of this opportunity? Or it is that they are not aware of the market opportunities abound in The Bahamas? Presumably no! No fault of theirs.

It is simply because there is not enough general and specific information and statistics on the broad spectrum of areas that will support business decisions, strategic planning and development. It is believed with certainty, that with some research effort, one will find hidden business opportunities in The Bahamas that have not been contemplated. However, the business community is not in business of conducting such detail research, which the department of statistics or other government department would have been better opportune to conduct given the resources at their disposal.

The socio-economic demographics and the business outlook statistics of The Bahamas are equally important as the Central Bank's economic statistics, as well as the general population information from the Department of Statistics. This information is of immense economic and social value to the business community as well as the government in the determination of public policy approaches. Our socio-economic and general business statistics, when combined and analyzed with vital national economic data would greatly present a better view of The Bahamas to Bahamians, the government, as well as the international community.

It will become a yardstick for the international community to come to our aids in times of stress and natural disaster, as well as contributing to the infrastructural development of the country. Having broad and specific statistics of the country would not hamper our international economic rating and the ability to meet out maturing debt obligations as these ratings are based on the structure and sustainability of our fiscal and monetary economic policies, in addition to the our national cash flow earnings. The information will greatly facilitate business decisions, and government taxation decisions.