Bahamas History

An Emerging Economy

 

Once heavily reliant on agriculture and fishing, the Bahamas has diversified its economy into tourism, financial services, and international shipping. While the nation enjoys a per capita income that is among the top 30 in the world, there is a big gap between the urban middle class and poor farmers. In addition, the nation is vulnerable to hurricanes, which regularly inflict serious damage.

Hubert Ingraham became prime minister in May 2007 after his Free National Movement, an opposition party, won parliamentary elections. As of 2012, the Bahamas remains one of the wealthiest countries (GDP per capita) in the Americas, after Bermuda, the U.S., the Cayman Islands, Canada, and the Virgin Islands.