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that is so right? I mean, how is it that their dollar is the equivalent to $1 US? Is it the off shore banking? Tourism?
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Re: What is Bahamas doing...
maybe is dat dem jus decide to set the rate there
they use a fixed rate system so the value of their currency doesn not fluctuate...a similar system is used in barbados and the eastern caribbean.
the exchange rate doesn not tell what happening in the economy (although in this case the bahamas does have a high GDP)When its hot in the jungle of peace I go swimming in the ocean of love..... -
Re: What is Bahamas doing...
most of the GDP of the Bahamas is derived from tourism...according to what i can find only about 15% is derived from the ofshore banking sector.
there location has mede them very attractive to investment.When its hot in the jungle of peace I go swimming in the ocean of love.....Comment
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Re: What is Bahamas doing...
most of the GDP of the Bahamas is derived from tourism...according to what i can find only about 15% is derived from the ofshore banking sector.
there location has made them very attractive to investment.( mi know sey mi a go get flack for the location thing)When its hot in the jungle of peace I go swimming in the ocean of love.....Comment
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Re: What is Bahamas doing...
since the currency was changed back in 1966, the bahamian$ was on par with the us$, and the currency has maintained it's parity from then to now, (and in some establishments in florida, they accept the b$.)
yes, definately location was a factor in the past in the early economic success of the bahamas, but with jet travel and modern communications, lessening the time frame between other caribbean destinations and the us, location is less of a factor.
yes, tourism is the engine of the vibrant bahamian economy, and salaries and wages are much more attractive here than in other caribbean jurisdictions; they have used tourism to provide a high standard of living.Comment
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Re: What is Bahamas doing...
adding to tourism and off-shore banking is ship registration which is a newer economic activity since legislation was enacted in 1970. THe Bahamas now is the fifth largest ship registry in the world http://www.geographia.com/bahamas/investment
according to the cia country facts, the Bahamas is listed as an upper middle class country with a per capita income of $21,300 (2006 est) 9.3% were below the poverty line (2004) http://www.geograhic.org
there is no personal or corporate income taxComment
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Re: What is Bahamas doing...
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: mangoskin</div><div class="ubbcode-body">since the currency was changed back in 1966, the bahamian$ was on par with the us$, and the currency has maintained it's parity from then to now, (and in some establishments in florida, they accept the b$.)
</div></div> you mean it has remained fixed at par..it is not a floating currencyWhen its hot in the jungle of peace I go swimming in the ocean of love.....Comment
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Re: What is Bahamas doing...
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: mangoskin</div><div class="ubbcode-body">adding to tourism and off-shore banking is ship registration which is a newer economic activity since legislation was enacted in 1970. THe Bahamas now is the fifth largest ship registry in the world http://www.geographia.com/bahamas/investment
according to the cia country facts, the Bahamas is listed as an upper middle class country with a per capita income of $21,300 (2006 est) 9.3% were below the poverty line (2004) http://www.geograhic.org
there is no personal or corporate income tax </div></div> whatis considered the poverty line there?
last year there was story that put the poverty level in jamaica at 15%When its hot in the jungle of peace I go swimming in the ocean of love.....Comment
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Re: What is Bahamas doing...
I am not sure what the cia used, I will try to get data from the Dept of Statistics.
They do have some info on the http://www.bahamas.gov.bs websiteComment
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Re: What is Bahamas doing...
yes, the cia factbook lists the poverty line of Jamaica as 14.8%
ironically, like the Bahamas, Jamaica is also heavily dependent on tourism; in fact, the cia factbook and wikipedia, both list tourism as the major source of foreign revenue for Jamaica.
The factbook lists the top three for Jamaica as tourism, remittances and bauxite/alumina. However, tourism in Jamaica has not really raised the standard of living to the heights that it has in the Bahamas, hence Skelly's query (and if remittances is the second biggest revenue earner for any country, you know things are bad).
A paper was presented in Europe in 2002, outlining that the smaller states of the caribbean have been more successful than the larger ones, I will look for it and post it.Comment
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Re: What is Bahamas doing...
Dr. Ronald Ramiksoon, Senior Economist, Republic Bank Ltd presented a paper on May 20, 2002: "Explaining the Differences in Economic Performance in Caribbean Economies" to an International COnference "Iceland and the World Economy: Small Island Economies in the Era of Globalisation" held at the Centre for International Development (CID) Harvard University, Cambridge Mass, (sorry Richd, it was in the US not Europe)
http://www.republictt.com/1 asp/ren.asp?f=ren26b
I know, it's a lot to read, so I will post a few points when I have the timeComment
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