A case for Economic Diversity in The Bahamas: Past, Present and Future Possibilities
In the Bahamas, the tourism industry has earned a large share of the national income and provided many opportunities for Bahamian employment over the decades. The success of the tourism industry, however, has led to a cultural and governmental focus on the industry to the neglect of other industries with the potential to thrive. The lack of impactful growth in agriculture, fisheries and manufacturing industries highlights a lack of economic diversity in the country. Economically diverse countries rely on multiple industries to provide income for its economy, which leads to economic growth in the form of increased national GDP. The Bahamas may have the potential for high economic diversity and growth if other industries were given the opportunity to thrive, however, there is currently a reliance on one source of income. Should the tourism industry fail in the current economic state, the country will suffer from high levels of unemployment, inflation, and poor wages. By examining past efforts made to expand other industries and identifying the resources available today, this research investigates the potential for building economic diversity in niche sectors of smaller industries The Bahamas. Any industry with the potential to be profitable in the future will have further exploration on the fiscal and monetary policies that could help with this industry’s development.
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