SKILLS & PRODUCTIVITY
For many years industry has raised concerns over the small and seemingly shrinking labour pool and with many pending anchor projects on the verge of commencement, the war for talent rages in our country. Our educational system seems inadequate to supply the workforce with even the most critical basic skills and this seems the only logical resolution to the growing concern of labour and skill shortages. Perhaps compiling our human capital challenge is the lack of efficiency in the labour market that is evidenced in astronomical proportions. Being an archipelegic nation further complicates matters, bringing to light the scarcity in merit and public goods due to geographic constraints. When we survey our labour and talent dilemma we seemingly have more questions than answers to these many vexing issues that have deep historic roots and constricting chords. A sustainable fix to make our various sectors globally competitive is needed to ensure our continued growth and development as we become more integrated into the Global Village.
One of the most significant advantages of The Bahamas as a small island nation is the ability to sustain a strong financial industry that reflects the potential for growth. Inherent within that potential is the government’s commitment to constantly grow the economy of The Bahamas. One way of achieving this goal is to ensure that the economy remains stable, through demonstrating to the global business and investment community that the environment for investment remains robust, and that the government is continually committed to encouraging foreign direct investment and that the country as a whole is open for business.
Our current investment climate is changing. We are becoming a more diverse country. With this in mind, we must seek to create policies that complement the type of climate that is evolving. Therefore, every effort must be made to craft policies that are sustainable, that support both the current climate but also addresses the future development of The Bahamas.
LOGISTICS & CONNECTIVITY
While structural factors like remoteness, size and endowments explain the poor performance indicators of infrastructure and connectivity, policies and institutions also contribute to explain the differences observed in performance within the Caribbean as well as compared with benchmark countries. Thus, new policy approaches would help to increase infrastructure access and reduce costs of transportation.