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The Economy of the Bahamas Is in a Recession Essay

  • Submitted by: sexydhat
  • on January 29, 2013
  • Category: History
  • Length: 642 words

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Below is an essay on "The Economy of the Bahamas Is in a Recession" from Anti Essays, your source for research papers, essays, and term paper examples.

The economy of The Bahamas is in a recession. Explain at least FOUR (4) contributions farming can make to assist in improving the economy.

      According to the Merriam-Webster dictionary the word recession can be defined as: “A period of temporary economic decline during which, trade and industrial activities are reduced, generally identified by a fall in the General Domestic Production (GDP).” In The Bahamas, this decline in commercial activities and economic growth came as a result of global downturn which started towards the end of 2008 when the United States of America began warning the Bahamian government to beware of significant decline in its economy.
      As a result, our prime industry in The Bahamas, tourism, was greatly affected. The level of tourist arrivals in The Bahams lessened. The main reason being, because the tourists from the United States of America were becoming unemployed; and the fact that many lost their jobs and could not longer afford to travel outside of their country.
      Mr. Robert Curly who wrote for the “Caribbean travel” in September 2009 stated: “Some of the most prominent resorts in The Bahamas have closed their doors as the islands try to weather a storm bigger than the hurricane that sometimes plague the region: the ongoing economic recession. The latest victims: the Port Lucaya Resort and Yacht Club on Grand Bahamas Island, which closed at the end of August, and the Wyndham Nassau Resort, which temporarily shut its door until October 5th in the face of glacial bookings during the Caribbean traditional low season”. As a result of fewer tourists and hence many in Bahamian tourism industry became unemployed.
      The farming industry in the Bahamas can make several contributions to assist in improving the economy. Some of these contributions include: providing food, providing jobs, making Bahamian self- sufficient, and less dependent on tourism.
      We can provide food for our families. Items such as fruits,...

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