Backgrounder: Prosperous Bahamas

May 27, 2015 – Nassau, The Bahamas – Today, during his Budget 2015 address to the House of Assembly, Prime Minister Perry G. Christie launched Stronger Bahamas, a new, non-partisan national policy development, public engagement and communications initiative.

Activities undertaken under the Prosperous Bahamas pillar will aim to increase job creation and economic development through the promotion and stimulation of the tourism and financial services sectors, traditional strongholds for the Bahamian economy.

The plan will also aim to accelerate domestic investment rates while increasing the rate of foreign investment. It will include improvements in infrastructure in Nassau and the Family Islands, and provide enhanced financial support for public-private-partnerships (P3s).

Creating jobs for Bahamians and strengthening the economy of The Bahamas is essential to improving social and living conditions for all Bahamians.

Key Facts:

  • Since 2012/13, the fiscal deficit has been reduced by $342 million – a 63.5% reduction.
  • The Government is projecting a $500 million increase in revenue by 2017
  • Providing substantial real estate tax relief for pensioners and low to middle income home owners.
  • The labour force has increased by 8,500 between since 2012.
  • Travel and tourism industry represented 51.6% of total employment (98,000 jobs) in 2014 and is expected to grow by 5.0% in 2015 to 103,000 jobs.
  • The financial services sector contributes to more than 20% of the country’s GDP.
  • In 2015, $200 million will be dedicated to public-private partnership projects.
  • There has been more than $120 million in VAT revenue collected since January 2015.

Get Involved in Building a Prosperous Bahamas:

For more information on Stronger Bahamas and to participate in the online questionnaire, visit www.strongerbahamas.com

Get involved with Stronger Bahamas on social media by sending a WhatsApp message to 242-433-1066 and through Facebook, Twitter, Instagram and YouTube.

Contact:

Nikki Simmons

Press Secretary, Office of the Prime Minister

242-702-5542

 

About Stronger Bahamas:

Stronger Bahamas represents a new vision for the country. It is a new, non-partisan national policy development, public engagement and communications initiative. The program is designed to raise public awareness of the actions being taken and the progress being made against the country’s three most pressing policy challenges: reducing crime and improving the justice system; creating jobs and stimulating the economy; and improving education and modernizing social programs. At the same time, Stronger Bahamas invites all Bahamians to provide feedback on what else should be done to create a safe, prosperous and modern future. This feedback will be used to draft the National Development Plan.

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