Economy Of The Caribbean
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.
Read more about Economy Of The Caribbean: Agriculture, Globalization: Challenges and Prospects
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—Alexander Herzen (1812–1870)
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—Zora Neale Hurston (1891–1960)