The Bahamas should diversify its economy!
Successfully operating a business in an ever changing world requires vision on the part of the entrepreneur; this means being able to predict future trends and prepare the company for forecasted changes in the economic system. In truth, commanding a country is no different than that of a business as it too should be able to adapt to global changes in the economy. Machiavelli, the esteemed Italian writer once said, “The one who adapts his policy to the times prospers, and likewise that the one whose policy clashes with the demands of the times does not.” It is fact that the survival and success of anything, whether it is a species, company, business or country, in a constantly evolving world is contingent on the ability to adapt to universal changes. However, in that respect, The Bahamas has failed to adjust to change in economic conditions on a global scale due to its great reliance on an antiquated tourism model.
Over five decades ago The Bahamas adopted a model of tourism proposed by Sir Stafford Sands, the former finance minister of The Bahamas, and has religiously subscribed to it with minimum modifications to date. As a result of its reliance on an outdated model, the Bahamas’ economy has become more and more unstable. Moreover, chatter in the global market has pointed to diversification as the solution to the nation’s problem. As this may be the case, many Bahamians are fearful of change because tourism has been The Bahamas’ bread and butter since time immemorial. But should the blame be placed on the Bahamian people’s dread, the vulnerability of the Tourism industry or the get-money-quick schemes of the Ministry of Tourism? While the blame can be shared equally amongst the three, the problem lies with over-dependence on one industry that is susceptible to a variety of factors. According to the Barcelona Field Studies Centre (2014), a
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