Minister of Tourism Vincent Vanderpool-Wallace says he believes in economic diversification, but not necessarily in different industries.
Economic diversification is the Government’s latest fiscal strategy to rebound from the cash flow stagnation of tourism dollars, due to the global recession and the privatisation of BTC will move toward that goal.
The Bahamas’ prime minister on yesterday predicted that the islands’ economy will grow between two to 2.5 per cent this year, buoyed by more foreign investment, construction projects and tourist arrivals.
Air arrivals to the Bahamas improved for the first 10 months of the year, with almost 45,000 more visitors winging their way into The Bahamas when compared to the corresponding period in 2009.
Millions of dollars are being pumped into the Bay and Shirley Street areas to stimulate a cadence that revitalises Nassau’s harbour, waterfront, and downtown areas, as the global centre of commerce in New Providence.
Wealthy foreigners who live in the Bahamas are skewing statistics that are used to rate nations and calculate international funding.
The Bahamas recorded 5 million visitors for the second time in history with most of the growth coming from cruise ships.
Former Bahamas Chamber of Commerce President and current Senator Tanya Wright has publicly come out in support of government’s plan to sell 51% of BTC to Cable & Wireless.
Money problems are setting the stage for 2011 to be an active year for hotel-mortgage restructurings and takeovers. One property that might be up for grabs is the sprawling Atlantis resort complex in the Bahamas.