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Economic Benefits of Developing a Family Island

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Submitted By lilroyal
Words 1614
Pages 7
Name: Nigel C. Thompson Jr. Course: ENG 300
Student Id: 000-05-2886 Due: February 11, 2015
The Economic Benefits of Developing a Family Island
Economic growth is a phrase which indicates the increase per capita gross domestic product (GDP). There is a clear distinction between the nominal and real growth economically. The first, growth rate includes inflation; the second is the nominal rate which is adjusted for inflation. When on the topic of economic growth, it is mainly related to the long run, which is not to be confused with short-run variation because it is known as the business cycle. The path which is taken on the long-run is a common question in economics (Economic Development - Benefits, n.d.). In the Bahamas there are two (2) major industries, which are tourism and banking (Deltuvaite & Sineviciene, 2014), however, the tourism industry is mainly directed to one island of the Bahamas. If there were to be major development on a family island, it can be beneficial to the entire economic growth of the Bahamas, especially if it were to become more diversified.
At the Bahamas Business Outlook, Mr. Vanderpool-Wallace made a very valid and interesting statement which most people in the Bahamas would be simply astonished to find out.
“If New Providence & Paradise Island were a separate country in our region, it would rank 5th in the number of stopover visitors, 2nd in the number of total visitors and 1st in the number of cruise passengers in the entire Caribbean. That, they find surprising. What they find shocking is that New Providence & Paradise Island, where nearly 70% of our population resides, represents less than 2% of the total land mass of the Commonwealth of The Bahamas. Less than 2%? Yes, less than 2% of The Bahamas would be ranked 5th in stopover arrivals, 2nd in total visitor and 1st in cruise visitors in our region.”

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