These sectors have traditionally attracted the majority of foreign direct investment (FDI). With few natural resources and a limited industrial sector, the Bahamian economy is heavily dependent on tourism and, to a lesser degree, financial services. Both the International Monetary Fund (IMF) and the Inter-American Development Bank (IDB) predict The Bahamas could suffer the most severe economic contraction of all Caribbean countries.
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Full economic recovery is not anticipated until 2022, subject primarily to the buoyancy of the tourism sector and post-pandemic economic recovery.
According to Standard & Poors November 2020 forecasts, The Bahamas’ GDP growth is expected to fall by a 21 percent in 2020, a loss of more than $2 billion compared to 2018’s real GDP of $10.8 billion.
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The Free National Movement (FNM) government, elected in May 2017, has sought to manage an economy dealing with the dual, unprecedented economic crises wrought by the passage of Hurricane Dorian in September 2019 and the global COVID-19 pandemic. exports to The Bahamas were valued at $3.01 billion in 2020, resulting in a trade surplus of $2.9 billion in the United States’ favor. The Bahamas relies primarily on imports from the United States to satisfy its fuel and food needs and conducts more than 85 percent of its international trade with the United States. The Bahamas is a developed country with an educated populace and high per capita GDP of $34,864. contribute to their familiarity and preference for U.S. Bahamians’ use of English and frequent travel to the U.S. The country maintains a stable environment for investment with a long tradition of parliamentary democracy, respect for the rule of law, and a well-developed legal system. Only 29 of its 700 islands are occupied, with the majority of the population clustered around the two largest cities of Nassau and Freeport. Despite historical and cultural similarities with many Caribbean countries, The Bahamas is actually in the North Atlantic Ocean. The Commonwealth of The Bahamas is a 760-mile-long archipelago stretching from the south-east coast of Florida to the north-west coast of Haiti. Under Secretary for Public Diplomacy and Public Affairs.Bureau of South and Central Asian Affairs.Bureau of International Organization Affairs.Bureau of European and Eurasian Affairs.Bureau of East Asian and Pacific Affairs.Office of Management Strategy and Solutions.Bureau of Overseas Buildings Operations.Bureau of Information Resource Management.Bureau of the Comptroller and Global Financial Services.Office of the Science and Technology Adviser.Bureau of Oceans and International Environmental and Scientific Affairs.Bureau of Economic and Business Affairs.Under Secretary for Economic Growth, Energy, and the Environment.
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Bureau of Arms Control, Verification and Compliance.Under Secretary for Arms Control and International Security.Arms Control and International Security.Office of Small and Disadvantaged Business Utilization.Deputy Secretary of State for Management and Resources.Bureau of Cyberspace and Digital Policy.Security Coordinator for Israel and the Palestinian Authority Special Representative for Syria Engagement.Special Presidential Envoy for Hostage Affairs.Special Presidential Coordinator for the Partnership for Global Infrastructure and Investment Office of the Special Envoy for Critical and Emerging Technology.Bureau of Global Health Security and Diplomacy.
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