The Potential for Food Industry Development in the Bahamas: The Challenge of the Developmental State Approach
Nikolaos Karagiannis
The Bahamian economy exhibits all the characteristics of a Caribbean-type economy (i.e., "small, open and under-developed" in nature). The country's economy depends on the activity of two main sectors: tourism and international financial services. These sectors have given The Bahamas a relatively high standard of living and employment to a sizeable proportion of the population. However, both sectors have subjected the economy to almost total outside dependence, making it open and vulneralbe. The result of openness makes the Bahamian economy more susceptible to external shocks as well as more dependent on foreign exchange (Higgins 1994:5). In addition, this twofold dependence exacerbates "the general instability in employment and national income levels" (ibid.).
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