THE STATE OF THE BAHAMAS.edited.docx - Running Head: THE...

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Running Head: THE STATE OF THE BAHAMAS 1The Current State of The Bahamas In Comparison to The Year 2015NameInstitution
THE STATE OF THE BAHAMAS2AbstractAs one of the wealthiest countries in the Americas, the Bahamas is the richest country within the west indies. The country is currently stable and is continuously developing. The Bahamas currently has a total population of 398,321 and mainly depends on offshore banking and tourism as the major sources of revenue. Despite the recent success, the Bahamas have also been faced with several economic challenges. The majority of the population that comes to the country as tourists come from the united states. This means that any economic situation that affects the united states also affects the Bahamas. The slowdown of the united states economy asa result of the September 11thattack massively held back the growth of the country. However, from the year 2015, the government had been initiating several initiatives to improve the overall economic performance of the country. This work will analyze the current state of the economy inthe Bahamas. In addition to this, the work will also compare the current situation to the situation in the year 2015 so as to give conclusions and recommendations on the performance of the country. Keywords: The Bahamas, economic growth, tourism, the US, government revenue, VAT, public debt, offshore banking.Introduction
THE STATE OF THE BAHAMAS3The Bahamas is currently ranked as the richest country within the West Indies, and it is ranking third in the Americas in terms of wealth. The Bahamas is stable as a developing nation with a total population of 389,482 according to the statistics of the year 2019. The Bahamas economy mainly depends on offshore banking systems and tourism with other sectors such as agriculture and manufacturing industry being key to the economy as well (Central, Bank of the Bahamas, 2019). According to the statistics, the year 2019 has seen an indication of the continuous growth of the tourism sector within the first quarter of the year 2019. This is due to the sustained improvements within the key sources of the market. There has also been a massive expansion of other key features in the tourism sector. The other economic indicators of this success have beenshown in the reduced rate of unemployment in the country. Steady growth has been seen as a result of the success from tourism and the successful construction of the new hotels, resorts as well as residences that have solidified the GDP for several years. Nonetheless, the slow economic growth of the United States, together with the September 11th attack, also affected the most crucial sector of the Bahamas economy that reduced the GDP by about 15% (Sherman et al., 2018). Consequently, from the year 2000, new regulations within the financial sector as well as several international businesses left the country. This has seen the country undergo an

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Term
Fall
Professor
Agnes shark
Tags
Economics, Unemployment, Test, gross domestic product

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