Dear Editor, The latest jobless figures on Grand Bahama from the Department of Statistics reveals that 18.6 [percent] of the labor force on the island is unemployed. Freeport is the financial nerve center of Grand Bahama. Grand Bahama's over-all economic success is contingent to Freeport's success. If Freeport struggles, then the entire island struggles.
In July 2013, U.S. President Barack Obama announced that the Great Recession,which commenced in late 2008, had finally come to an end. It was America's recession which had The Bahamas' economy reeling during the greater portion of the Ingraham administration. Interestingly, New Providence's jobless rate is pegged at 16 percent. Despite the imminent opening of the multibillion-dollar Baha Mar Resort on Cable Beach, which has been touted to change the tourism landscape of The Bahamas, New Providence's double digit jobless rate bears all the hallmarks of a recession.
Abaco's jobless rate is 20 percent. New Providence has been fortunate to have Atlantis resort on Paradise Island, which has created thousands of steady jobs. Freeport can make no such boast in its inconsistent tourism sector.
While Freeport's financial malaise was made more acute by the great recession, it would be a grave mistake to suggest that the former was precipitated by the latter. Truth be told, Freeport's stubborn recession may have had its genesis during the 9/11 attacks on America.
The economy underwent further deterioration in 2004, when Hurricanes Frances and Jeanne slammed into Grand Bahama, causing the closure of the Royal Oasis Resort and Casino, which in turn resulted in over 1,000 job losses. Freeport has never recovered from this significant blow to its economy. And its severe economic fallout continues. There are well-founded rumors circulating through Freeport that an office supply company laid off about 13 of its staff.
To the best of my finite knowledge, this was never reported in the press. I am also hearing rumors that a prominent welding and fabricating firm laid off some of its staff, and that a popular eatery is about to permanently close its doors. There are also rumors that job terminations are looming at a large construction company.
While this might sound like a broken record, Freeport's economy needs urgent addressing. The nation's supposedly second city has been in the doldrums now for 14 years. Government and GBPA stakeholders must roll up their sleeves and figure out a solution to rescue Freeport - a city that is clearly now on life support. How much longer must Grand Bahamians suffer?
- Kevin Evans
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