Caribbean Economies Essay

369 Words2 Pages
Characteristics of Caribbean economies as associated with Saint Vincent and the Grenadines In the Caribbean there are many economies in over 28 countries. Most of them share similar characteristics in their economies and Saint Vincent shares those characteristics. Saint Vincent’s economy is an open economy; it is open with trade to the rest of the world. Unlike some countries which have restrictions on certain items to trade, Saint Vincent trades regionally and internationally. This not only allows Saint Vincent export their products to other countries, it allows Saint Vincent to import from other countries. Without most of these items our way of life would be very difficult. All of this is possible because of Globalization. Globalisation is the tendency of investment funds and businesses to move beyond domestic and national markets to other markets around the globe, thereby increasing the interconnectedness of different markets. So by allowing free trade Saint Vincent is able to export local products and enter new markets and develop trade relationships which results in an outflow of revenue. Another characteristic is Saint Vincent’s small size. Geographically, Saint Vincent is 150 square miles with a population of 108,000. According to the World Bank a country must have at least 2 million persons to be considered “small”. Saint Vincent is basically a dot on the world map. So that is why Saint Vincent is part of an economic integration with other Caribbean countries. They trade by the Concept of synergy; we achieve more when we work together than when one country works individually. A third characteristic is that our main exports are tourism and agriculture, mostly tourism. Again, this is where Globalisation comes in. By strengthening relationships with international countries, visitors from those countries come to Saint Vincent and other islands to enjoy
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