Bahamas economy relies on tourism, tourism -related construction and financial services. In order to diversify its economy away from the tourism sector, the country has developed an export oriented plastics and organic chemicals industry. They represent the core of the Bahaman exports, along with fish products. The economy is growing progressively, spurred by a public works program and growing tourism revenues. Despite its stable democratic environment and economic strengths, the Bahamas faces some development challenges, including vulnerability to external shocks and natural disasters; provide public services and formulate growth strategies in a country with more than 30 inhabited islands; diseconomies of scale and narrow production base; and diversify the economy.
Based on the ITC 2014-2018 Strategic Approach to the Caribbean Region, ITC will focus on implementing at regional level the recommendations of strategies recently developed by CARICOM for the cultural industries and professional services sectors.