Nassau, THE BAHAMAS – From pressures on the independence of the US Federal Reserve and relations with China to the instability facing the global economic landscape and how it all impacts The Bahamas’ economy and prospects, Tuesday’s Central Banking Series hosted by University of The Bahamas (UB) in partnership with the Global Interdependence Center (GIC) peeled back the layers of the most critical factors impacting the world’s economic landscape.

At the one-day summit, top economic strategists, policymakers, academics, and economists gave frank and considered insights on the range of opportunities and challenges. In facilitating the high-level talks, UB’s Government and Public Policy Institute (GPPI) continues to provide the platform for evidence-based dialogue on public policy and reform.

“By convening world-class thinkers, policymakers, and practitioners here in Nassau, we affirm that The Bahamas is not solely a subject of global economic forces, but also a participant in the conversations that shape them,” said UB President Dr. Robert Blaine, III.

In his remarks, Minister of Economic Affairs Senator the Honourable Michael Halkitis acknowledged the ripple effects of financial shifts which put pressure on the Bahamian economy, yet he acknowledged that the economy is on the rise. He expressed confidence in the country’s readiness to adapt, citing a deep talent pool and expanding foreign and domestic investments.

“What makes this period particularly significant is the breadth of investment activity across sectors,” said Minister Halkitis, a UB alumnus. “Tourism development remains strong, but it is not the sole driver of growth. Investments are expanding into renewable energy, maritime services, digital infrastructure, agriculture, logistics and the blue and green economies.”

Economist and Former President and CEO of the Federal Reserve of Richmond, Dr. Jeffrey Lacker offered a sobering view on the independence of the US Federal Reserve, a topic that has attracted much national and international in the face of blistering pronouncements by US President Donald Trump.

Dr. Lacker said the Federal Reserve’s choice of monetary policy instrument and setting of the overnight interest rate that it controls should be “free of executive branch and congressional meddling.”

“And by meddling, what I mean is overtly expressed policy direction, opinions about where policies should go, expressed in a way that carries with it the implied threat of adverse consequences to either the individual or the institution, either in the form of legislative changes or some sort of political harassment,” he said.

“The value of insulating day-to-day, meeting-to-meeting monetary policy from pressure from elected officials with an eye on their next election is widely recognized. Neglecting that pressure, caving into that pressure is a road to short-termism, or short-term stimulus at the cost of inflation later on.”

Other pertinent conversations at the summit focused on digital initiatives for financial inclusion, monetary and fiscal policies and strategies in The Bahamas, and the impact of AI on macroeconomic conditions. There was also a special presentation on the history and value of gold. Students from Government High School were among the audience members gaining knowledge from experts.

“When we determined the theme for this year, being Challenges and Opportunities in a Dynamic Global Environment, we did not know what was going to evolve in recent times,” said GPPI Executive Director Zhivargo Laing, referring to the war that the US and Israel initiated against Iran. “So I would like to think that maybe there was a little bit of insight that was taking place during the course of our discussions. But we are here again for the third time with our partners at the GIC to entertain a deep discussion on just what are those challenges and opportunities in this very dynamic environment in which we find ourselves.”

Nassau, The Bahamas — The People’s Republic of China, in the span of two decades, has transformed itself into an economic superpower the world can scarcely function without. This was one of the perspectives that added context to crucial conversations about the US-China outlook at the Central Banking Summit held at University of The Bahamas (UB) on Tuesday.

“China has gone from being, conceptually, a non-economy. It has gone from being a $2 trillion economy in 2000; today it is a $20 trillion economy. There has never been growth like that anywhere on the planet,” said Michael Drury, chief economist, McVean Trading.

In the Caribbean region and for The Bahamas, China has become both a critical link in the global supply chain and, at times, a financial partner when the price tag of major infrastructure projects proves difficult to carry alone.

During the summit, facilitated by UB’s Government and Public Policy Institute (GPPI) in partnership with the Global Interdependence Center (GIC), the outlook on US-China relations and how the world will be impacted was a key topic of discussion.

Drury appeared on a panel with Zhivargo Laing, Executive Director of UB’s GPPI. Both gave insight into China’s rapid economic rise and its growing influence over global manufacturing and trade.

“The wish was that China would become a capitalist democracy, and it was on its way there until President Xi Jinping took control of the country in 2012. [Xi] is a Marxist. When you are a Marxist, you believe capitalism will destroy itself,” Drury explained.

Drury, who also serves as an executive and assistant program director with the GlC, noted that the statistics surrounding China’s meteoric manufacturing expansion often evoke strong reactions when presented to audiences across the US.

“The solution for the United States in freeing itself from China’s manufacturing dominance is to find somewhere it can produce goods without depending on China. There is no such place on earth. China produces 30 percent of all manufactured goods,” he said.

The discussion also examined recent efforts by the US to reclaim manufacturing capacity and reverse trends Washington believes could compromise national security.

“The spoken goal of wanting to return manufacturing to the United States essentially means restoring enough production capacity to support national defence,” Drury explained. “The auto industry built the bombers and tanks during World War II. If you don’t have an auto industry, you don’t have an industry you can flip into national defence production.”

For The Bahamas, the geopolitical dynamics has become increasingly challenging to navigate with the latest example being the proposed specialty hospital project for which the Government of The Bahamas has secured Chinese financial backing. In response, the US, through its newly appointed ambassador, has publicly encouraged The Bahamas to reconsider the arrangement.

Laing, former Minister of Economic Affairs and a UB graduate, offered this contextual view: that The Bahamas understands the importance of maintaining strong relationships with both global powers.

“If we were going to have concerns about any country being overly influential in The Bahamas, it would be the United States of America. Why? Eighty-plus percent of our tourism comes from the United States. We have one of the only U.S. pre-clearance facilities in the world. There are substantial American investments in The Bahamas. Our currency is pegged to the United States. And if we ever needed help in this country, we have no doubt who we would turn to,” Laing said.

Laing noted that the influence of the United States extends beyond economics and geopolitics into the cultural and personal realms.

“We love to go to the United States. We go for education, healthcare, and socializing. But for practical reasons, we also nurture relationships with countries around the world. The Bahamas is not a war state.”

As competition between the two global giants intensifies, Laing offered this advice for policymakers navigating the geopolitical landscape.

“It will continue to be very competitive between these two giants, and if I were advising policymakers in The Bahamas, I would say: keep hugging your friends and shaking the hands of your associates.”

Turks and Caicos Islands – Beaches Turks and Caicos and the Sandals Foundation recently teamed up with Canadian broadcasters and their families to deliver a memorable Reading Road Trip experience at Enid Capron Primary School in Five Cays, Providenciales. The visit blended literacy support with cultural exchange, giving students rare one-on-one time with international media personalities while nurturing a love for reading.

Enid Capron Primary is one of the Sandals Foundation’s adopted schools in Turks and Caicos and has benefited for years from infrastructural upgrades, learning resources, and recurring volunteer initiatives. The Reading Road Trip programme, a flagship “voluntourism” excursion, invites resort guests to step into local classrooms to read with students, support literacy, and donate books and supplies. The recent installment, featuring Canadian radio and television personalities brought added energy and global visibility to the school community.

Broadcasters and their families boarded the same style of school buses local children use, reinforcing the programme’s emphasis on authenticity and genuine community connection. Once on campus, they were guided into classrooms of early-grade students, where storybooks opened for small-group reading sessions, questions, and lively discussions.

“The Reading Road Trip model centres on interaction rather than performance, and the presence of Canadian broadcasters made that interaction especially dynamic,” says Orville Morgan, Public Relations Manager Beaches Turks and Caicos resort. “Accustomed to connecting with audiences through microphones and cameras, these media professionals instead found themselves sitting shoulder-to-shoulder with children, helping them sound out words, explore new vocabulary, and build confidence in reading aloud. It was a memorable experience.”

The day also provided a cultural exchange as students asked questions about life in Canada, snow, and what it is like to work on radio or television. Broadcasters and their children also learned about local customs, school life in Providenciales, and the importance of education on an island where tourism remains the primary industry. Songs, and impromptu show-and-tell moments helped bridge the geographic gap, turning the classroom into a space of shared curiosity.

Vice Principal Nelene Swann expressed her satisfaction with the day’s activities, noting that the format allowed students to deeply connect with the visiting broadcasters in a meaningful way. “This kind of individual attention—whether through reading a single page together or answering a child’s question about a story—can significantly boost a student’s motivation to learn.” Swann added, “one central goal of the Reading Road Trip is pairing academic support with human connection so that children feel seen, heard, and valued in their learning environment.”

For the Canadian broadcasters and their families, the experience added depth to their holiday, offering a hands-on way to give back while learning about the island from the perspective of its youngest residents. Many volunteers who participate in Reading Road Trips report that they would “do it again in a heartbeat,” citing the joy of connecting with children and seeing firsthand how donated books and simple classroom interactions can make a tangible difference. As the group waved goodbye and boarded the bus back to the resort, they left behind not only books and school supplies, but also an impression of global friendship that students and educators at Enid Capron Primary are likely to remember long after the stories read that day have been returned to the shelf.

Photo Captions

Insert: A team of Canadian broadcasters share a group photograph with students at the Enid Capron Primary school during a recent Reading Road Trip to the institution