The genesis of the event, according to Mr. Sunderji, began in the Cayman Islands, where a similar conference is held for the past twelve years. Due to the large numbers of Bahamian attendees to the Cayman event, and also that the conference focused on international speakers presenting on issues that could positively impact the Bahamas, it was decided to host a Bahamian version of the conference in New Providence. He thanked all involved for their persistence, and their sponsorship which made the event possible.
Mr. Sunderji’s comments covered three primary issues: the drop in global oil prices, the growing income and wealth inequalities in the world and the impact of technology on jobs.
He said that declining oil prices would provide a boost to global economies as the savings at the pump would quickly translate to spending. He estimated that the average US household would save about $1,356 per year. There would be significant savings to Bahamian motorists too, and he expected that the impact of VAT would therefore be somewhat mitigated. He wondered why Bahamian pump prices did not reflect global market price trend at the same speed.
Mr. Sunderji pointed out that the growing income inequalities between the "haves" and the "have not’s" was potentially troubling as people who had little to lose were prepared to risk it all. He quoted an Oxfam statistic that said that 80 people in the world had as much wealth as 3.5 billion poor persons. It was hard to put the genie of dissension back in the bottle once it was out, as the "Arab Spring" demonstrated. He stressed that education was the key equalizer but that The Bahamas had wasted vast resources in efforts to improve education standards in The Bahamas. Also since technology was going to be both very pervasive and invasive, it would have a profound impact on lower skilled jobs. He cited a widely quoted statistic from the World Economic Forum in Davis that stated that by 2020, some 45% of jobs in the US would be lost due to technology and that the world would be divided between low paying service jobs and high paying elite jobs. It was likely, according to the report, that the middle tier jobs that would disappear. Mr. Sunderji posed how that trend would impact The Bahamas.
A recurring theme among the RFBEO guest speakers, Economist David McWilliams, Fraud Detection Specialist, Pamela Meyer and RBC Group Economist, Marla Dukharan, was the need to be flexible in an ever-changing global economy.
The event was well attended with over 200 persons present. The Prime Minister gave opening remarks and gave a bullish assessment of the economy. He also chastised the banking industry for making Bahamians into “economic slaves� through consumer loans.
