A new survey by the Inter-American Development Bank sheds further light on the impact of COVID-19 in the country, detailing the pandemic’s effect on Bahamian households and livelihoods.

Approximately 900 residents from around the country participated in the survey that was taken over a two-week period in April as the combination of job losses, the shuttering of businesses and rental income losses took effect.

The paper titled COVID-19: The Caribbean Crisis: Results from an Online Socioeconomic Survey, revealed that 72.5 percent of households in The Bahamas reported some income loss resulting from the pandemic, with less than half of those participants having adequate savings in place.

“As we move to building the economy back to pre-pandemic levels, it is important to analyze the extent to which we have absorbed the shock of COVID-19 as a way to better inform policymaking,” said IDB Country Representative Daniela Carrera-Marquis. “We know that lower income households were made even more vulnerable during this pandemic and this is particularly hard on The Bahamas because it is still recovering from the impact of 2019’s category 5 hurricane Dorian.

“Having this kind of research allows us to look deeper into the effects that COVID-19 has had on this economy, breaking down by gender, education and household size the people who have been affected.”

Compiled and analyzed by the IDB’s Caribbean Department’s team of economists, the survey revealed that four key issues emerged from the data for the region. The information shows that, among other issues, that during the first six weeks of the pandemic, household incomes fell and the number of vulnerable households increased rapidly; Vulnerable households find it challenging to cover basic needs; Job losses are widespread, yet labor market impacts are unequal and social assistance programs are being used to support livelihoods.

The report, included details from similar surveys done in all 6 countries in the IDB Caribbean Department, including The Bahamas, Barbados, Guyana, Jamaica, Suriname and Trinidad and Tobago. It comes as these countries - many tourism-dependent - note a halt in arrivals, a fall in international oil prices and a widespread rollout of curfews and lockdowns, which have had a severe economic impact on the region.

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The Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source of long-term financing for economic, social and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research and provides policy advice, technical assistance and training to public and private sector clients throughout the region.