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Economy of the Bahamas

The Bahamas is one of the richest countries in the Caribbean. Its per capita GDP is the highest in the Caribbean and second only to the United States and Canada among countries in the Western Hemisphere. Tourism and financial services are the most important sectors of the national economy, accounting for about 90% of the GDP. In recent years, the Pakistani government has made some policy adjustments, proposed economic diversification, attracted foreign investment, and achieved certain progress. The government emphasizes the development of industry and agriculture so that Pakistan can gradually achieve industrialization and food self-sufficiency.

In 1991, the Bahamas' GDP was US$2.52 billion. The exchange rate is 1 Bahamian dollar to 1 U.S. dollar (1992). Tourism, services and finance are the most important sectors of the national economy of the Commonwealth of The Bahamas. 80% of the food is imported, some vegetables and fruits are self-sufficient and a small amount is exported. Government revenue mainly comes from tariffs, which account for about 70% of total revenue. The main trading partners are the United States, Japan and Norway. It mainly exports oil, fish, medicines, wine, salt, cement, etc., and mainly imports food, petroleum products, clothing, grains, automobiles, building materials, etc. The Bahamas has thin soil, poor soil, and underdeveloped agriculture. The output value of agriculture and fishery only accounts for about 5% of the GDP. Only a small amount of vegetables and fruits are grown. The main crops are sugar cane, tomatoes, bananas, corn, pineapples, beans, etc. 80% of food is imported. Some vegetables and citrus fruits are self-sufficient and a small amount is exported. Poultry production accounts for about 50% of the agricultural output value. Meat production basically meets domestic demand. The Pakistani government implements protective policies for agricultural and fruit products.

In 2002, the Bahamas produced 10,900 tons of chicken and eggs, and 1,600 tons of cow and goat milk. The Bahamas sea area is one of the important fishing grounds in the world, with a wide variety of fish species and great potential for aquatic product production. However, commercial fishing in the Bahamas has not yet reached a large scale.

Based waters mainly produce lobster, conch, grouper, marlin, swordfish and tuna. Among them, lobster accounts for about 60% of the total aquatic products. In 2001, the total catch was 9,303 tons. Tourism in the Bahamas began in the mid-19th century, with government funding to build many hotels and help the depressed steamboat service industry. In the 1920s, the U.S. Prohibition Law brought many Americans to the Bahamas for drinking, and the local tourism boomed again. With the repeal of Prohibition, the Bahamas experienced an economic decline that did not improve until the 1940s and World War II, when it became an Air Force and Navy base in the Atlantic Ocean. The construction of military bases provided jobs for many people.

In 1961, Cuba's luxury casinos and beach venues were closed to American tourists, and the Bahamas' good luck returned. Leveraging their close relationship with the United States, the Bahamian government is committed to increasing the number of tourists visiting the islands each year. They widened and deepened Nassau Harbor to accommodate six cruise ships at the same time, and built a bridge between Nassau and Paradise Island.

In 1964, the United Kingdom granted the Bahamas limited autonomy. In 1969, the colony of The Bahamas became a member of the British Commonwealth. On July 10, 1973, The Bahamas became a legal nation. July 10th therefore becomes the Independence Day of the Bahamas. Tourism revenue accounts for almost half of the Bahamian economy. The Bahamas maintains symbolic ties with the United Kingdom and remains a member of the Commonwealth.

Tourism is the pillar industry of Pakistan’s national economy. It receives an average of 5 million tourists every year, and the annual revenue from tourism alone reaches more than 2 billion US dollars, accounting for more than 50% of the GDP. There are about 50,000 direct and indirect employees, accounting for 35% of the total labor force. In 2003, it received 4.6 million foreign tourists. Tourists mainly come from the United States, Canada and Europe. The Atlantis Hotel (also known as the Atlantic City Hotel) located on Paradise Island in the Bahamas is world-famous and has 2,500 guest rooms. In September 1999, there were 223 hotels in the country with 14,080 guest rooms. ●Bahamas Chamber of Commerce, Shirley St., POB N-655.

●Bahamas Agricultural and Industrial Company, BAIC Bldg, East Bay St., POB N-4940, Nassau. The exchange activity between tourists and local residents of the Bahamas is a one-on-one partnership between tourists and local residents, which provides a rare opportunity for tourists to better understand the local history, folk customs and unique local culture.

This project, approved by the Bahamas Tourism Authority, was launched in Nassau and New Providence in 1975, Grand Bahama Island and Harbor Island in 1976 and 1988 respectively, while Abak San Salvador, Exzumas, Bimini and San Salvador were implemented in 1992. Across the eight islands, approximately 1,200 Bahamian locals have volunteered for the event. Many Bahamians have a flair for the arts, which can be seen in their colorful paintings, infectious music or gorgeous dances. The traditional music of the Bahamas is Gombe, which is a combination of African musical traditions and European colonial customs. "Gombe" is a Bantu word that means rhythm and rhythm, and also refers to the sheepskin drum used to play this style of melody. Gombe music was played by some very simple bands as early as the days of slavery, as black slaves did not have much material to make instruments. A typical minimalist band has a drum, which is essentially a pork barrel hooped with sheepskin; a carpenter's saw, machined from a strip of sheet metal; a few maracas; a few drumsticks; and a homemade bass fiddle. (A washtub with a three-foot stick threaded through the middle and a string attached to it).

Traditional minimalist music accompanies Bahamian square dance and tap-style polka dance, the latter of which is another example of the fusion of African and European elements. Today's minimalist bands also play with saxophone, electric guitar or other instruments in addition to saw blades and gombe drums. However, they still retain their original simplicity. It's less like a dance and more like a lively march, with two steps forward followed by one step back. Like the charge step, the leaping dance originated in West Africa. This dance is led by one person, with others dancing around him, and the lead dancer performs alone in the center. Everyone claps and sings along with the dance steps, and sometimes they also play drums and play music. After a few minutes, the dancer in the center will pick another dancer (usually of the opposite sex) to take his or her place in the center. In this way, everyone can maintain high spirits and the dance can continue like this. The religious music of the Bahamas has a strong colonial background and is also influenced by American culture. Some people believe that they are the best embodiment of Bahamian culture.

The religious hymns bear some resemblance to the songs of African American slaves introduced to the Bahamas during the Royalist period. In places of religious worship, you can often hear contemporary African American gospel music and European classical music harmoniously blended together. In all but the strictest churches, singing in Congregational churches is accompanied by clapping, music appreciation, and religious dancing. Seafood is a staple of Bahamian cuisine. Conch (pronounced "Kongke") is a mollusk that grows in the ocean. Its flesh is white, firm, and lightly downy. Fresh and unprocessed conch meat is very delicious. You can cut it with a knife and top with lime juice and condiments. It can also be fried (called "minced snail meat"), steamed, stewed, made into soup, or made into salads, mixed vegetables, diced conches, etc. The Bahamas native lobster is a clawless, spiny seafood that can be grilled, chopped and eaten or made into salads. Other delicacies include boiled or steamed land crab.

A variety of fresh fish is also an indispensable dish on the Bahamian table. Boiled fish served with grits is popular with tourists. Fish stew with celery, onions, tomatoes and some other vegetables is another local specialty. Many dishes are served with pigeon beans and rice (the famous Caribbean beans and rice dish), along with condiments, tomatoes and onions.

Peas often play an important role in a variety of delicious soups in the Bahamas: dough pudding and corned beef in soup, or cracked dried pea soup with ham, just to name a few varieties of pea meat. Two types of soup.

There is also a specialty soup called "Suz" in the Caribbean and Bahamas. The soup is slightly salty and its ingredients are water, onions, lime juice, celery, pepper and meat without any thickeners. People often add chicken, lamb tongue, oxtail or pig's trotters to the soup to make "Suzi Soup" delicious and nutritious.

The cuisine of the Bahamas is not the kind with very light taste. On the contrary, unlike the cooking style of the West Indies, it is influenced by American southern cuisine and uses local meat and other native products as raw materials. , it’s a bit spicy and has a very special flavor. A very representative dish is the fish with cornmeal mentioned above.

On the Bahamas, both hard liquor and soft drinks have their own specialty varieties. Each bar has its own unique signature drink mix. The Kalik wine here is light yellow in color and can be drunk after being refrigerated to cool down. The sports drink in the Bahamas is coconut water, not the strong, fatty coconut water with a dash of sweetened milk and gin. There’s also a drink called “For a Change,” made with lime, a local specialty.