The Tribune

PRIME Minister Philip Davis yesterday said The Bahamas must move decisively beyond post-crisis recovery and focus on building a diversified, long-term economy, arguing that the country is now operating “from a position of strength.”

Delivering the keynote address at the 35th annual Bahamas Business Outlook at Baha Mar, Mr Davis said the national conversation should no longer centre on imagining what the country could become, but on deliberately building a future grounded in discipline, confidence and execution.

“For years, we asked what kind of country we could become,” he said. “That question no longer serves us. The better question now is what kind of country we are prepared to build.”

The Prime Minister said his administration first focused on stabilising the economy after inheriting overlapping crises that weakened confidence, strained households and placed pressure on public finances. He said those efforts have paid off, with economic output now exceeding pre-pandemic levels, unemployment at its lowest point in more than 15 years, public debt on a downward path and foreign exchange reserves remaining strong.

“These decisions were foundational,” he said, noting that restoring fiscal discipline and credibility was necessary before pursuing broader economic ambitions.

Mr Davis cautioned against complacency, acknowledging that many families continue to face financial pressure from rising living costs. However, he argued that sustained relief depends on economic stability and responsible fiscal management.

Looking ahead, the Prime Minister outlined a strategy centred on economic diversification, workforce development and infrastructure reform. He pointed to energy modernisation, land reform and investment in skills training as key pillars for expanding opportunity and building resilience.

“Human capital is the most valuable asset any country can develop,” he said, adding that investment in people is essential to ensuring growth is broad-based and inclusive.

Addressing the business community, Mr Davis said government’s role is to set the framework, remove barriers and prepare Bahamians to compete, while urging private sector leaders to focus on long-term enterprise rather than short-term gains.

“The future of The Bahamas will not be built by chance,” he said. “It will be built by choice.”