Economy of the Caribbean

Economy of the Caribbean

*"For more information, see these articles about" Economy "of the" Caribbean.

Natural Resources

By international standards, the nations of the Caribbean are not rich in natural resources. The resources that make significant contributions to domestic economies and regional job sectors include, but are not limited to: fisheries, bauxite, iron, nickel, petroleum, and timber. It has been noted by some that the Caribbean’s most important resource is its tropical island setting, which has generated a unique tourism sector. The greatest concentrations of minerals most valuable on the international market are found in: Cuba, Jamaica, and Trinidad and Tobago. In fact, Cuba’s economic rebound in the early 1990s is often associated with increased production in tourism, oil, and nickel, spurred by foreign investment in these primary industries. However, it can be noted that a drop in international prices has since reduced Cuba’s earnings. Notably, most new resource expansion in Cuba has concentrated on petroleum deposits, including offshore fields. Jamaica’s bauxite and alumina industry are second only to Trinidad’s petroleum sector as the leading export within CARICOM. Jamaica’s bauxite and alumina industry is dominated by North American firms, and hence these resources have traditionally been exported northwards. The leading Caribbean export comes from Trinidad and Tobago, which possesses substantial petroleum reserves, and is regarded as the richest country in terms of natural resources. As a result of this, Trinidad also maintains the regional role of producer of heavy industrial products, such as asphalt, ammonia, and iron.

Agriculture

Along with contributing to the Caribbean’s GDP, agriculture also contributes to domestic food supply, and provides employment. While agriculture is the major economic land-use activity in most Caribbean countries, agriculture accounts for less and less of most islands’ GDP. However, unlike many developed countries, this trend may be accounted for by a growing tertiary sector, as opposed to industrial growth (with the exception of Trinidad and Tobago, and Puerto Rico)

Globalization: Challenges and Prospects

While globalization in its modern context undoubtedly has changed the dynamic of Caribbean economics, it is worth noting that “the countries of the commonwealth have been passively integrated into the international economy for all of their modern history”. From foundations built on the plantation economy, the Caribbean economy has always involved reliance on one or several export sectors. While numerous attempts at market diversification have been made, the struggle to develop the political and economic infrastructure necessary to successfully respond to market fluctuations, and loss of competitiveness, in key export sectors remains a struggle. A recent example includes the dismantling of the Lome Convention, which provided Caribbean Banana exports preferential treatment from the EU, by the WTO in 1999.

List by country

*Economy of Anguilla
*Economy of Antigua and Barbuda
*Economy of Aruba

*Economy of the Bahamas
*Economy of Barbados
*Economy of the British Virgin Islands

*Economy of the Cayman Islands
*Economy of Cuba

*Economy of Dominica
*Economy of the Dominican Republic

*Economy of Grenada
*Economy of Guadeloupe

*Economy of Haiti

*Economy of Jamaica

*Economy of Martinique
*Economy of Montserrat

*Economy of the Netherlands Antilles

*Economy of Puerto Rico

*Economy of Saint Kitts and Nevis
*Economy of Saint Lucia
*Economy of Saint Vincent and the Grenadines

*Economy of Trinidad and Tobago
*Economy of the Turks and Caicos Islands

*Economy of the U.S. Virgin Islands

ee also

*Animal husbandry in the Caribbean
*Arrowroot industry in Saint Vincent and the Grenadines
*Asphalt industry in Trinidad
*Banana industry in the Caribbean
*Bauxite industry in the Caribbean
*Citrus industry in the Caribbean
*Cocoa industry in the Caribbean
*Coffee industry in the Caribbean
*Fishing industry in the Caribbean
*Forestry in the Caribbean
*Garment industry in the Caribbean
*Iron & Steel industry in Trinidad
*Nutmeg industry in the Caribbean
*Petrochemical & Chemical industry in the Caribbean
*Rice industry in the Caribbean
*Sugar industry in the Caribbean
*Tourism in the Caribbean

Caribbean topic|Economy of


Wikimedia Foundation. 2010.

Игры ⚽ Поможем сделать НИР

Look at other dictionaries:

  • Economy of the Dominican Republic — The Dominican Republic, the biggest economy in the Caribbean and Central America is a lower middle income [ [http://web.worldbank.org/WBSITE/EXTERNAL/DATASTATISTICS/0,,contentMDK:20421402 pagePK:64133150 piPK:64133175… …   Wikipedia

  • Economy of the Netherlands — Currency Euro Fiscal year calendar year Trade organisations EU, WTO and OECD Statistics GDP …   Wikipedia

  • Economy of the Confederate States of America — The Confederate States of America had an agrarian based economy that relied heavily on slave worked plantations for the production of cotton for export to Europe and the northern US states. If ranked as an independent nation, it would have been… …   Wikipedia

  • Economy of the Cayman Islands — The economy of the Cayman Islands, a British overseas territory located in the western Caribbean Sea, is mainly fueled by the tourism sector and by the financial services sector, together representing 70 80 percent of the country s gross domestic …   Wikipedia

  • Economy of the Bahamas — Infobox Economy country = The Bahamas width = 300px caption = Bahamian 5 cent coins kk currency = Bahamian dollar (BSD) year = 1 July 30 June organs = WTO, CARICOM rank = 153th gdp = $6.098 billion (2005 est.) growth = 3.5% (2005 est.) per capita …   Wikipedia

  • Economy of the British Virgin Islands — Infobox Economy country = British Virgin Islands width = 300px caption = Road Town, Tortola currency = U.S. Dollar (USD) year = 1 Apr 31 Mar organs = CARICOM (Associate member) rank = 197th gdp = $853.4 million (2004 est.) growth = 7% (2006 est.) …   Wikipedia

  • Economy of the People's Republic of China — Economies of Special Administrative Regions of Hong Kong and Macau are administered separately from the rest of People s Republic of China. Therefore, the information below pertains only to mainland China unless specified otherwise. For the… …   Wikipedia

  • History of the Caribbean — The history of the Caribbean reveals the significant role the region played in the colonial struggles of the European powers since the fifteenth century. In the twentieth century the Caribbean was again important during World War II, in the… …   Wikipedia

  • Piracy in the Caribbean — The great era of piracy in the Caribbean began in the 1560s and died out in the 1720s as the nation states of Western Europe with colonies in the Americas began to exert more state control over the waterways of the New World. The period during… …   Wikipedia

  • Malaria and the Caribbean — The effects of malaria in the Caribbean represent an important chapter of the history of the region, due to its effects on the colonization of the islands and the corresponding impact on society and economy. During the early exploration of the… …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”