Published on : Wednesday, March 29, 2017
For the Bahamas, tourism will be the main driver of jobs and GDP, as specified by a senior Bahamian marketing executive. The WTTC in its annual assessment said regarding tourism’s possible impact on the Bahamian economy in 2017, that the sector’s direct GDP contribution will increase by 3.4% to $1.835 billion this year.
The WTTC also said that Bahamian jobs generated directly by tourism will grow by 2,000, or 3.3 per cent, to 55,000 in 2017. Chow Tai Fook Enterprises (CTFE) has vowed to hire around 4,000 Bahamians by this year end, a total that will more than double the WTTC estimates should the Hong Kong-headquartered conglomerate succeed.
CTFE’s own projections forecast that Baha Mar will produce a minimum of 5,750 jobs annually once it becomes fully operational, while helping to create another 4,160 indirect jobs. The WTTC report suggested that the Bahamas will become ever-more dependent on tourism to give rise to the majority of its jobs. The WTTC report shows that the Bahamas is the world’s third-most dependent nation on tourism’s direct employment impact, sixth most-reliant on its overall jobs impact.