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Caribbean Economy

Categories Car, Economy

Essay, Pages 3 (709 words)

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Essay, Pages 3 (709 words)

Tourism in the Caribbean serves to made significant impacts to its economy, culture as well as to its ecosystems (Caribbean-guide. info, 2008). Caribbean has been known for its “hot” tourist destinations and attractions primarily because of its crystal clear beaches and century old infrastructures. This boosting tourism of the Caribbean region provides tremendous amount of income of its member countries as well as employment to its citizens.

Furthermore, with a great number of tourist attraction, Caribbean countries starts to become less dependent to its export products industry which presently provides the bulk of their GDP growth.

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Aside from this interesting feature of Caribbean, another significant thing in this region would be its valuable export products to the international market that largely contributes for the development and growth of the economy of different member countries of the said region.

Most of the export products of the Caribbean would be tobacco, coffee, textiles, and various minerals like bauxite, nickel, iron and oil. Most of the member countries of Caribbean region have been known for its quality coffee beans and tobacco products thereby creating enough room for the region to have a comparative advantage over other countries in terms of producing the said identified export products to the international market.

Since 1987 up to the present, the Caribbean countries have experienced impressive economic growth due to its exportable goods to the international market. Agricultural sector provides a major role for the growth of Caribbean’s GDP as it depends primarily on exporting agricultural products, as identified above, to the international market (Furtado, 1973).

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Furthermore, Caribbean’s agricultural sector greatly helps its domestic market in meeting the needed food supply of the region and employment to most of the workers of Caribbean countries.

Major plantations of various agricultural crops provide economic welfare improvement to every households of Caribbean countries as unemployment rate deteriorates. But despite of this vital role of Agriculture to the economic stability of Caribbean countries, its contribution to the growth of Caribbean GDP starts to deteriorate as its tertiary sector, also known as the service sector, begins to arise to most of the Caribbean countries.

At the end of the day, wholesaling industry, transportation and other industries which requires services will oust the agricultural sector as the main contributor to the growth of Caribbean countries GDP. The Caribbean region has also significant number of oil refineries which provides enough wealth and currency stability for Caribbean countries that possesses such facilities.

Despite of the fact that Caribbean countries are being considered as developing countries, its importance to the international market is vital since a lot of industries are depending on the products of Caribbean countries especially coffee, tobacco, and oil. Just imagine if the Caribbean countries would stop producing these products into the international market, there is a great possibility that the prices of coffee, tobacco, and oil would surely rise as a significant amount of supply will be withdrawn from the market.

In this regard, it is therefore clear how the Caribbean region is important to other countries though most of the people around the world do not notice the said importance. Furthermore, with the improving economy of the Caribbean countries, the role of offshore banking starts to be recognized by its governments. Local businesses start to emerge into the domestic market of Caribbean countries which thereby provides an avenue towards the self sufficiency of Caribbean countries in terms of stabilizing their economic condition (Lewis, 1973).

With the advent of globalization, there is a great chance for this region to further developed it self as it just starting to enter the phase of industrialization. There is more to expect to the Caribbean region since manufacturing industry still remains underdeveloped. But with the rise of the service sector, it would serves as the stepping stone towards the entrance of Caribbean countries to the industrialization state together with other developing countries in Southeast Asia and other regions around the globe.

References Caribbean-guide. info (2008). International Visitors help fuel the Economy in Caribbean Countries. Retrieved April 20, 2008, from http://caribbean-guide. info/past. and. present/economy/ Furtado, C. (1973). The Concept of External Dependence in the Study of Underdevelopment. Lewis, A. (1973). Portion of Speech Delivered at CDB Board of Governors Meeting. Caribbean Development Bank: Third Annual Meeting

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Caribbean Economy. (2020, Jun 02). Retrieved from https://studymoose.com/caribbean-economy-new-essay

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