Transcript JTW_Bahamas
The Bahamas Researched via: http://wikipedia.org Student Name: Date: ??? Where is Bahamas located? • It is located at the north- east of the Caribbean Sea in the Atlantic Ocean north of Cuba, Hispaniola and the Caribbean Sea, northwest of the Turks and Caicos Islands, and southeast of the United States of America Its total land area is almost 14 000 km², Flag, Motto, Anthem: • March On Bahamaland • Lift up your head to the rising sun, Bahamaland, March on to glory, your bright banners waving high, See how the world marks the manner of your bearing ; Pledge to excel thro' love and unity. Pressing onward, march together, to a common loftier goal ; Steady sunward tho' the weather hide the wide and treacherous shoal. Lift up your head to the rising sun, Bahamaland, 'til the road you've trod lead unto your God, March on Bahamaland. History: • uninhabited southern Bahamas from Hispaniola and Cuba around the 11th century AD. These people came to be known as the Lucayans. There were an estimated 30,000+ Lucayans at the time of Columbus's arrival in 1492. Christopher Columbus's first landfall in the New World was on an island named San Salvador which is generally accepted to be present-day San Salvador Island, in the southeastern Bahamas Economy: • • • As one of the most prosperous county in the Caribbean region, the Bahamas relies on tourism to generate most of their economic activity. Tourism as an industry not only accounts for over 60 percent of the Bahamian GDP, but provides jobs for more than half the country's workforce. An example of Tourism in the Bahamas is the number of cruise ships that land in the capital of Nassau where tourists visit the straw market to buy different items or have their hair braided. After tourism, the most important economic sector is financial services, accounting for around 15 percent of GDP. The government has adopted incentives to encourage foreign financial business, and further banking and finance reforms are in progress. The government plans to merge the regulatory functions of key financial institutions, including the Central Bank of The Bahamas (CBB) and the Securities and Exchange Commission. Restrictions and controls on capital and money market instruments exist, and are administered by the Central Bank. The Bahamas International Securities Exchange currently consists of 19 listed public companies. Reflecting the relative soundness of the banking system (mostly populated by Canadian banks), the impact of the global financial crisis on the financial sector has been limited. The economy has a very competitive tax regime. The government derives its revenue from import tariffs, license fees, property and stamp taxes, but there is no income tax, corporate tax, capital gains tax, value-added tax (VAT), or wealth tax. Payroll taxes fund social insurance benefits. In the most recent year, overall tax revenue as a percentage of GDP was 21.8 percent. Authorities are trying to increase tax compliance and collection in the wake of the global crisis. Inflation has been moderate, averaging 3.7 percent between 2006 and 2008 Famous people/role model: • • • • • • • • • • • • Debbie Ferguson, Bahamian Olympian and sprint athlete Lenny Kravitz, musician (Bahamian mother) "King" Eric Gibson, musician and entrepreneur Mark Knowles, tennis player Mychal Thompson, former NBA player Persia White, actress Rick Fox, basketball player Shakara Ledard, supermodel Sir Lynden Pindling, former Prime Minister Sir Sidney Poitier, actor and ambassador Tonique Williams-Darling, 2004 Olympic gold medallist (400m), 2004 IAAF World Champion Wendy Coakley-Thompson, author What do you like the most about Bahamas? • The Beaches and all the beautiful scenery