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The Bahamas' Economic Growth and Trade.

THE BAHAMAS' ECONOMIC GROWTH AND TRADE. Archibald L. Minnis and Eric Rahimian, Dept. of Economics, Finance, and Office Systems Management, Alabama A&M University, Normal AL. 35762.

This paper has studied the factors that influence the growth and trade position of the Bahamas. These factors include the imports and exports as well as the potential opportunities that exist for economic development. It is illustrated how the Bahamas government generates its revenues from such sources as customs duties property taxes, stamp taxes, excise taxes, and tourism. The government should diversify the economy, expand the various agricultural and industrial productions, and enhance the economic growth through better education and training. There are numerous opportunities for foreign investment in the Bahamas. Potential investors can benefit from supportive policies for foreign investment and the Bahamas' tax haven status. The revenue of the tourism industry and the number of tourists have been stable over the last decade but it is expected to grow in the near future due in part to the governments' efforts to reduce stamp taxes levied on various tourism related expenses. The recent completion of the S un Casino and International's Atlantis Resort, the Breezes Super Club and the Sandals Resort are major reasons to expect further growth. The export trade has shown a dramatic decrease at the end of 1989. This was the year that BORCO (BAHAMAS OIL REFINING COMPANY) ceased its refining operation and stopped exporting refined oil. This paper inquires whether the government of the Bahamas should provide some incentive to this company or others to revive the refining operations to enhance the economic growth. There is also a good potential for growth of the export of goods from the Bahamas.
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Publication:Journal of the Alabama Academy of Science
Article Type:Brief Article
Geographic Code:5BAHA
Date:Apr 1, 2001
Words:282
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