Bahamian Economy

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Name Professor Title Date Bahamian Economy The Bahamas is among the Caribbean countries whose economy strongly depend on offshore banking and tourism. The Bahamian economy is primarily based on tourism, which is mainly concentrated in Grand Bahama and Nassau. As per the Economist intellect Unit, construction and tourism are largely liable for an actual annual growth of about four percent in GDP since 1996, which positions the Bahamas amongst the world’s prominent financial centers (Fraser 10). After the Hurricane Floy impact, in less than three working days, the sector regained its full strength and made an incredible contribution to tragedy relief efforts, both through financial organizations and individuals. Tourism alone contributes more than sixty percent of GDP and indirectly or directly employs nearly half of the labor force in the archipelago. Stable progress in tourism revenues and a thriving building of new resorts, hotels, and habitations have triggered a firm GDP growth in latest years. Agriculture and manufacturing together contribute roughly ten percent of GDP and indicate little growth, in spite of the government incentives meant for those sectors. General growth projections in the short run depend deeply on the treasures from the sector of tourism, which is subject to the growth in the United States, where the majority of tourist visitors come from. Therefore, in this paper, I will compare and contrast Bahamian economy and geography with that of other Caribbean countries particularly Jamaica and Cuba. There’re many drawbacks that arise from a small dimension, which are exaggerated by the reality that various island nations aren’t only small

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