The Caribbean The Economy of The Caribbean

The Banking Industry Bermuda and The Cayman Islands  centres for what is known as “off-shore banking” Island nations tend to keep rules and regulations to a minimum to attract foreign investors Off-shore banks allow wealthy individuals and corporations to “hide” their income and avoid paying taxes to their home country.

Presidential Candidates Hiding Money in the Cayman Islands Paul Ryan on Hiding Money in Cayman Islands Mitt Romney on Hiding Money in Cayman Islands

Resource Dependence Most Caribbean countries depend largely on resource industries to support their economy Production and export of agricultural products such as sugar, fruit, cotton, vegetables, coffee, livestock

Resource Dependence Many islands practice mono-cropping-the cultivation of a single crop such as sugar cane. These crops tend to be cash crops, which are grown specifically for sale, not for food for local population

Resource Dependency Sugar cane production has supported the rum-making industry in the Caribbean. Coffee  significant in Caribbean: 145,000 tonnes produced annually Bananas  important in the economies of smaller eastern Caribbean countries

Mineral Resources Jamaica: third in the world production of bauxite and alumina. Most comes to Canada Trinidad: rich in both oil and asphalt Dominican Republic: invested millions in a new telecommunications industry

The Case for Tourism Tourism offers the most economic potential for the Caribbean. Tourism considered an invisible export