The Caribbean- The Caribbean economy is mostly dependent on trading and tourism. The region is becoming more and more economically developed everyday. The government has made many efforts to develop the economy, but so far they have not succeed. Almost all of the countries in this area give most of their GDP to the rich and only about 10% to the poor. Though the government encourage people to take part in the action of improving their economy, most people haven’t taken any concern.
Cuba- Cuba has a planned economy that is mostly run by the government. The citizens of Cuba rely on the government for basic needs like housing, health care, and food. Since their government can be inefficient a lot of people in Cuba have informal businesses and small business that are not controlled by the government. The Cuban government have been encouraging people to have owned businesses.
Dominican Republic- The Dominican Republic economy is very dependent on trading mostly with the United States. They export 60% of their exports to the United States. The country has problems with income inequality, where the poor half of the population get 10% and the rich half of the population get more than 40% of the GDP. Global recession helped the Dominican Republic grow/ rebound in 2010 and has become the fastest growing in the region.
Haiti- Haiti has an agriculture economy. Over half of the world oil comes from Haiti as well as bananas, cocoa, and mangoes. Haiti has also been expanding and upgraded their manufacturing, they now can produce Android tablets, and sensors. Haiti still remains very poor and a lot of the population lives in poverty.
Jamaica- Jamaica's economy is mainly based on services like tourism. Since 1962, the economy has developed in market. Mining and manufacturing became very important for their economy.
Bahamas- The Bahamas is one of the wealthiest countries in the Caribbean. The Bahamas economy is dependent on tourism and offshore banking. Manufacturing and agriculture make up a tenth of the GDP. Financial services are the second most important aspect in the Bahamas. When combined with business services, financial services are about 36% of their GDP.
Puerto Rico- Puerto Rico is a economy based on services and manufacturing, which used to be dominated by agriculture until the mid 20th century. Manufacturing makes up about 46% of Puerto Rico's GDP. Puerto Rico's economy still relies on federal aid from the United States government.
Trinidad and Tobago- Along with the Bahamas, Trinidad and Tobago is one of the wealthiest countries in the Caribbean. It also is the 3rd richest country by GDP in the Americas. The world bank classifies it as a high income economy. They economy is mainly industrial. Large reserves and exploitation of oil and natural gas contributes to the country's wealth.
Cuba- Cuba has a planned economy that is mostly run by the government. The citizens of Cuba rely on the government for basic needs like housing, health care, and food. Since their government can be inefficient a lot of people in Cuba have informal businesses and small business that are not controlled by the government. The Cuban government have been encouraging people to have owned businesses.
Dominican Republic- The Dominican Republic economy is very dependent on trading mostly with the United States. They export 60% of their exports to the United States. The country has problems with income inequality, where the poor half of the population get 10% and the rich half of the population get more than 40% of the GDP. Global recession helped the Dominican Republic grow/ rebound in 2010 and has become the fastest growing in the region.
Haiti- Haiti has an agriculture economy. Over half of the world oil comes from Haiti as well as bananas, cocoa, and mangoes. Haiti has also been expanding and upgraded their manufacturing, they now can produce Android tablets, and sensors. Haiti still remains very poor and a lot of the population lives in poverty.
Jamaica- Jamaica's economy is mainly based on services like tourism. Since 1962, the economy has developed in market. Mining and manufacturing became very important for their economy.
Bahamas- The Bahamas is one of the wealthiest countries in the Caribbean. The Bahamas economy is dependent on tourism and offshore banking. Manufacturing and agriculture make up a tenth of the GDP. Financial services are the second most important aspect in the Bahamas. When combined with business services, financial services are about 36% of their GDP.
Puerto Rico- Puerto Rico is a economy based on services and manufacturing, which used to be dominated by agriculture until the mid 20th century. Manufacturing makes up about 46% of Puerto Rico's GDP. Puerto Rico's economy still relies on federal aid from the United States government.
Trinidad and Tobago- Along with the Bahamas, Trinidad and Tobago is one of the wealthiest countries in the Caribbean. It also is the 3rd richest country by GDP in the Americas. The world bank classifies it as a high income economy. They economy is mainly industrial. Large reserves and exploitation of oil and natural gas contributes to the country's wealth.