The Bahamas rated as most prosperous nation in CARICOM

The World Bank has rated the Bahamas as the wealthiest Caribbean Community (CARICOM) country.

The financial institution said that the Bahamas is most economically prosperous country relying on tourism to generate most of its economic activity. It said that the tourism industry not only accounts for over 60 percent of the Bahamian gross domestic product (GDP), but provides jobs for more than half the country’s workforce.

After tourism, the next most important economic sector is financial services, accounting for approximately 15 percent of its GDP. The Bahamas with a gross national income (GNI) of US$21, 280, is one of the richest countries in the Americas.

The World Bank in its 2014 World Development Report, noted that oil-rich Trinidad & Tobago with a GNI of US$14,000 is one of the wealthiest and well-developed nations in the Caribbean.

In November 2011, the Organization for Economic Cooperation and Development (OECD) removed Trinidad & Tobago from its list of developing countries.

“Trinidad & Tobago’s economy is strongly influenced by the petroleum industry. Tourism and manufacturing are also important to the local economy. Tourism is a growing sector, although not proportionately as important as in many other Caribbean islands. Agricultural products include citrus, cocoa and others,” the World Bank said.

It said that within the sub-regional Organization of Eastern Caribbean States (OECS), St. Kitts & Nevis with a GNI of US$13,330, has an economy characterized by its dominant tourism, agriculture and light manufacturing industries.

The World Bank said sugar was the primary export from the 1940s on, but rising production costs, low world market prices, and the government’s efforts to reduce dependence on it have led to a growing diversification of the agricultural sector. -(CMC)