The Caribbean

1
The Caribbean

• The Economy of The Caribbean

2
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.

3
Presidential Candidates Hiding Money in the
Cayman Islands
Paul Ryan on Hiding Money in Cayman Islands
Mitt Romney on Hiding Money in Cayman Islands
4
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

5
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

6
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

7
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

8
The Case for Tourism

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