Bahamas Economy
The Economy
The Bahamas welcomes foreign direct investment. It is a small developing country with an open economy, the two primary pillars of which are tourism and financial services. The economy has been undergirded by sound economic, monetary and fiscal policies, as well as uninterrupted parliamentary democracy since 1729. These have bolstered investor confidence and as the record reflects, facilitated great returns on those investments.
Presently, the Bahamian economy is experiencing a slight rebounding following the global financial crisis and recession. This upturn is underpinned by modest growth in the global economy and is reflected in significant public sector infrastructural development and private sector initiatives in the tourism sector.
Infrastructural Development
During the economic downturn, The Bahamas Government commenced substantial infrastructural development initiatives. These included the redevelopment of the country’s principal airport, which is the largest public sector project ever undertaken in The Bahamas; the deepening of Nassau Harbor, which now accommodates the world’s largest passenger vessels; and the creation of a new cargo port just outside the City of Nassau. We are also presently in the midst of extensive upgrades to existing road arteries and the development of new thoroughfares throughout New Providence, as well as other islands of The Bahamas.
In April, 2011, the government privatised the local telecommunications company, with the expectation of wider and higher quality services, as well as reduced costs to the consumer, in particular to the business community.
Each of these initiatives have served more effectively to connect The Bahamas internally and to the international markets to which we cater.
