Economy
Agriculture, dominated by banana production, is the most important sector of this lower-middle-income economy. The services sector, based mostly on a growing tourist industry, is also important. The government has been relatively unsuccessful at introducing new industries, and the unemployment rate remains high at 19.8% in the 1991 census to 15% in 2001. The continuing dependence on a single crop represents the biggest obstacle to the islands' development as tropical storms wiped out substantial portions of crops in many years.
The tourism sector has considerable potential for development. The recent filming of the Pirates of the Caribbean movies on the island has helped to expose the country to more potential visitors and investors. Recent growth has been stimulated by strong activity in the construction sector and an improvement in tourism.
Argyle International Airport is currently under construction. There is a small manufacturing sector and a small offshore financial sector whose particularly restrictive secrecy laws have caused some international concern. In addition, the natives of Bequia are permitted to hunt up to four Humpback Whales per year under IWC subsistence quotas.
Read more about this topic: Sport In Saint Vincent And The Grenadines
Famous quotes containing the word economy:
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)