The Bahamas depend heavily on tourism, international banking and investment management, which can make up to 85% of the GDP. Hurricanes are not a rarity here and often lead to setbacks for the economy as restorations and reparations of hotels and other infrastructure take place, while visitors become hesitant with their travel plans to avoid the awkward hypocrisy of enjoying luxury on one side of the island and people suffering from homelessness and hunger.
Approximately half of the Bahamas’ gross domestic income comes from the millions of tourists that decide to spend their vacation on the islands. Therefore The Bahamas have been hit especially hard with the economic consequences of the COVID-19 pandemic, facing immediate confrontation with travel bans and restrictions.
It is important to remember that the total amount of export and import cannot be compared in the same scale, as The Bahamas are majorly dependent on imports, whereas the export numbers are proportionally small. Theoretically this would lead to increasing debt each year, which is partly prevented through tourism to support the great disparity between export and import.
For further in detail information visit the OEC page