Grenada is an independent nation in the Caribbean island. Although it is the most popular and biggest of all the islands in West Indies, Grenada is surrounded by some dependent islands that together form the southern Grenadines. Geographically, Grenada is the second smallest country in western Hemisphere (Encarta, 2009). Perhaps the most fascinating story about Grenada is that although the nation is a small nation where there is no full industrialization, limited mineral resources and resource base, Grenada’s economy has recorded a steady growth for the past five years.
With agriculture and tourism being their major source of revenue, Grenada focuses more on the manufacturing of home-based products for its people, making them self-reliant to a great extent. Manufacturing is done on a small scale level but these factories are able to cater for the local basic needs of the populace. The economic performance of this small island has recently caught the world’s ogle. In a recent evaluation by the IMF, Grenada was rated high for its economic performance.
In the review, officials of the International Momentary Fund were said to be impressed by the management of the nation’s economy and as a result have approved a disbursement of about US $24 million as financial aid to the nation. As of today, Grenada’s economy is a good option for foreign investors due to the economic structure and incentives given to investors such as tax amnesty to be enjoyed by taxpayers that have outstanding arrears (Grenada Today, 2009).
As part of the creative economic management, the Grenada government have responded to the trend in the global meltdown by dedication about US $7 million on stimulus packages. This is to be invested into repair of roads that lead to farms and planting crops such as nutmeg and cocoa. This plan is suppose to keep about 90,000 people in the workforce during the global economic meltdown. Reference: • Encarta Microsoft Student (2009). Grenada. Microsoft Corporation.
• Associated Press (2009) Tiny Grenada details plan to stimulate economy. Retrieved from http://www. miamiherald. com/news/americas/haiti/story/979281. html on April 23, 2009. • Grenada Today (2009) Clouden: Grenada on its way to economic development. Retrieved from http://www. spicegrenada. com/index. php? option=com_content&view=article&id=893:clouden-grenada-on-its-way-to-economic-development&catid=217:week-ending-april-4th-2009&Itemid=53 on 23rd April, 2009.