The Tribune

EDITOR, The Tribune.

The country’s social and economic progress has mainly been propelled thanks to the tourism and hospitality sector. Globalisation’s influence on the travel sector has made conducting business in it complicated and highly competitive. Given the Bahamas’ capacity to thrive in a competitive industry, it is clear that catering to tourists’ wants and needs is critical to maintaining our destination’s popularity. That is a genuine concern for the Bahamas, as consumers now have more options worldwide, many of which are comparable to the Bahamas in terms of amenities and other features.

That creates a puzzle in which, depending on the needs of incoming and outgoing travellers, The Bahamas may need to be swapped out for another location. There is a natural progression to the lifespan of a tourist attraction. Butler’s (the Butler Model is a method for analysing the evolution of tourism destinations in response to shifts in consumer preferences) destination area cycle model is one of the more prevalent alternatives.

Using the Butler model, we can see how tourism has impacted the Bahamas’ economy and society since the government first decided to use it as a tool for growth. Consequently, the market share of the Bahamas’ tourism offering is shrinking, by applying the Butler model, we can argue that The Bahamas is evolving into a different vacation spot over time. The tourism industry in the Bahamas will inevitably go through the following stages: discovery, participation, development, consolidation, stagnation, and decline (post-stagnation).

The Bahamas has entered the revitalisation phase of the product life cycle, which follows the stagnation period. During this phase, the former administration worked to improve the destination’s image and reputation, attract more visitors, and win back lost market share by promoting the area’s attractions and encouraging travellers to visit. Although the tourism sector is crucial to the country’s economic success, strategically reducing the country’s dependence and reliance on it is paramount in our efforts to diversify the economy.

For any nation whose economy depends on a single sector, the failure of that sector can have far-reaching societal effects. The Bahamas’reliance on this sector indicates the country’s economic stagnation and underdevelopment. The vulnerability of this sector calls for the creation of long-term strategies to improve people’s standard of living.

Some might estimate, without diversification, The Bahamas’ disadvantage concerning the economic transformation and institutional reform in Cuba to underline the necessity of increasing economic growth through diversification. Despite the glacial pace of change, Cuba has made headway toward its goals by redefining the state through private sector dynamics, entrepreneurialism, and strengthening its relationship with the United States. The economic and government consequences are unclear, although prevailing wisdom agrees that this might lead to more significant economic growth and wealth for more people.

The advancement of a knowledge-based economy should serve as the basis for the new growth theory adopted by the Bahamas as part of its economic transformation.

Knowledge is power and can boost The Bahamas’ economic output and competitiveness in the global market. Over in Singapore, their commitment to knowledge-based economy (KBE) development in the past decade has enabled it to make a rapid and successful transition to a newly industrialised economy.

Having invested heavily in ICT, the Singapore government is now keen to use content and creativity to enter the next wave of development. In The Bahamas, we can build a world-class economy in the Bahamas by prioritising education, supporting technological advancement, and cashing in on evolutionary innovation, which is crucial in today’s interconnected globe. Human capital growth is essential to the progress of the Bahamas during the next decade and beyond.

JAMAL MOSS

Nassau,

March 13, 2023.