Nassau, Bahamas - Examining the state
of the local economy, Former Central Bank Governor James Smith recently addressed
the management team at Scotiabank giving a forecast its short term performance.
Attention was focused on GDP growth estimates, the importance of U.S growth
rates as they relates to The Bahamas and the banking sectors. Noting that
growth rates in the US economy are projected to be sluggish, Mr. Smith predicted,
“A slow recovery with all sectors including tourism, banking, construction,
wholesale and retail trades, facing challenges throughout 2010 and into 2011. I
would tend to suggest that the successful operators would be those that
increase market share by attracting quality clients from the competition by
outperforming them through efficiency, cost-effectiveness and superior customer
satisfaction.”
Pictured L-R are Dana Braynen,
Director of Credit Solutions; Barry Malcolm, Managing Director; James Smith,
Former Central Bank Governor; Jim Wilson, VP for Corporate and Commercial
Banking.
(Photo by Jermaine Adderley)
