Trinidad and Tobago- Fastest growing economy in the Western Hemisphere

[pecan]

check it out on the net about Trinidad's Coffee and cocoa.
The Cocoa regualrly wins awards when used for high end chocolate

that is a well known fact, learned dat in High School  i think we cocoa and maybe from Ghana or so.

If the government does decide to engage in cocoa farming I have no problem with that, I think I also lkearned in the same geography class that we have some of the best teak in the world too!

Correct on both counts.
I think if we start start to grow cocoa on a large basis we should also develop downstream processing industries rather than getting caught up in the cash crop cycle with the external market alone.

Yuh spot on with dat. I think that is why EC governments are trying develop this coordinated trade/enforcement amalgamation they were talking about recently. They realize that for profitability, economies of scale and infrastructure to develop to the extent of Central American/Caribbean regional stature they best develop manufacturing industries located over a broader physical space.

But no way the gov't should be engaging in farming. The era of the big state owned companies should be put the sword sooner rather than later.

agree . .rather, government should be offering incentives vis-a-vis research and experimental development grants / tax credits / loans andh other emphasis on areas that may benefit T&T in the long run

[Bakes]

nah man, when I used the word agricultures i was also referring to animal farming

Technological advancements in agriculture/farming have created higher yields in many part of the world.  If we can develop a vibrant farming (crops and animals), and become net exporter of food, that will create wealth for those working the land.  At the same time, we boost manufacturing for down stream food processing. 

farming can never be a step backyards if done properly.  I talking about technologically advanced farming endeavors with spin off industries relating to food and products made from these raw inputs.

For example, in Canada, cole cole Canda, big improvements have been made in Greenhouse technologies .. now take that concept and apply it to Trinidad, - use new technologies to leverage the existing farms and abandoned farms -  the possibilities are mind boggling.

We need to get away from the little garden with two banana tree, a orange tree, a coconut tree, ground provisions, two chicken in the coup, one duck. That is hobby farming

We need to get away from the labour intensive farming methods and use technological know-how that is available in other parts of the world.

I still say we doh have the type of land necessary for wholesale agriculture, but I'm not in total disagreement with what you're saying either though.  Save for sugarcane we have never been an agricultural society...cocoa was hot for a minute leading to the immigration of farmers from Venezuela at the turn of the 20th century, but that's about it.

Speaking of cocoa...I'm not totally sold on what allyuh saying, but ah willing tuh buy.  Now, coffee...any one with info on dis world famous coffee talk, b/c from what I know the best coffee is grown at elevation....save fuh Cameroonian coffee but that's another matter.

[Dutty]

nah man, when I used the word agricultures i was also referring to animal farming

Technological advancements in agriculture/farming have created higher yields in many part of the world.  If we can develop a vibrant farming (crops and animals), and become net exporter of food, that will create wealth for those working the land.  At the same time, we boost manufacturing for down stream food processing. 

 

Yuh talk good dey

Look is ah Trini create buffalypso......yet everybody else makin money off de ting except T&T, it cannot survive in t&t but yet it could survive in brazil?

http://www.trinidadexpress.com/index.pl/article?id=161271141

[truetrini]

I reading this thread and I does get damn vex with allyuh sometimes.

All de talk about Technology and de government need to do dis and do dat and alyuh jes bumping gum all de time.

If yuh going and bad talk or make recommendation make sure yuh know what is already in de pipe line and what is already ah reality.

I eh say nutten earlier becasue ah thought one ah allyuh woulda say something about it.

But in T&T there are several Governmental projects/iniatives in place to improve the technological base there.

For example there is the eTecK   (Evolving TecKnologies and Enterprise Development Company Ltd.)  If I am correct Wendy Fitzwilliam is ah big wig dey.

http://www.eteck.co.tt/2eng/default.asp

Technology based companies and light manufacturing are desired .

Then there is the Trade Sector Support Program  TSSP  we get ah big loan tuh implement dat.

The Government even start a program to improve and increase services sector in T&T which is already the largest sector in T&T economy and which employs over 450,000 persons!

That is over 75% of the labor force in T&T alone!

ahhhhmmmm

look part of an article i found last year when I was researching business opportunities in T&T

ClearCube Technology, InterFix LLC and the Government of Trinidad Partner to Provide Secure Medical Transcription

Outsourcing Medical Transcription Reduces Rising US Medical Costs, While Aiding in the Diversification of Caribbean Nation's Economy

Austin, Texas and Atlanta, GA - March 20, 2006 - ClearCube Technology, the market leader and pioneer in PC Blade computing, and InterFix Ventures LLC, a provider of expert consulting and technology solutions for healthcare organizations, today announced a strategic partnership that will help curb one of the top medical costs in the US. Through this partnership, the two companies are also helping to establish Trinidad & Tobago as a world-class provider of medical transcription for the U.S. healthcare market.

In the last three years, the government of Trinidad & Tobago recognized a need to diversify its economy. As medical transcription is one of the biggest costs hospitals face today, the government ultimately decided to invest in this opportunity by creating a near-shore, secure medical transcription facility. This facility not only supports the growing medical transcription needs in the US, but also creates much needed employment opportunities for Trinidad & Tobago citizens - dozens to date, with another 350-500 expected over the next three-to-five years; a significant figure for a population of 1.3 million.

http://www.clearcube.com/view/releases/interFix_medical_transcription.htm

Then there is the Free Trade Zones in T&T, this is not new this around fuh ah while but lately there has been an infusion of cash and a great improvement in the way the zones are being managed...and with great success too.

http://www.gov.tt/citizen/service.aspx?id=%7B3F890D10-4DD0-465B-8B1B-DE4622094503%7D

The talk about hospitals and health based industry is also nagging me

Centres opened during 2006-2007 include:  Erin Health Centre, Tabaquite  Health Centre, Marabella Health Centre, Talparo Health Centre, Brasso Seco Health Centre, St Helena Health Centre, Petit Valley Health Centre, Icacos Health Centre, Las Lomas Health Centre, Gran Couva Health Centre, Las Cuevas Health Centre, San Rafael Health Centre, Moruga Health Centre, Pleasantville Health Centre!!!

OLD AGE PENSION (TT$916,275,243.00)

21,343 persons received PUBLIC ASSISTANCE (TT$158,591,305.00)

15,142 permanently disabled persons (18 to 65 years) benefited from DISABILITY ASSISTANCE representing a 15% increase since September 2004

In Education:

De Government formalized the Universal Early Childhood Care and Education Sector
Dey spend around $600 Million on the construction of 70 new schools
Dey complete over 1,000 school repair projects in five years
dey provided an increase in de provision of school meals, transportation and psycho-social support
 and dey even supply more of text books!

They building a national center for de arts, a huge sports complex that can rival any found world wide.

They diversifying de economy, dey opening up de Caricom market and making it easier for foreign companies to get loans so it can benefit the nation and the entire region...strong economies in de area makes sound business sense.

They buying ah setta new police cars, looking to overhaul de entire way de police are managed and looking to increase de number of coast guard and soldier and police to meet the grwinfg demand for law enforcement.

Anyway..ah sure all de critics feel dat eh enough..so more is being done.  Light rail, water taxis, overhaul ah de Port in POS, building infrastructure, new highways and roads, UTT, national youth policy...anyway ah done.

I await de naysayers and de bad mouthers and dose with dey $ COP axes ..dem have tuh grind dem.


 

[Jah Gol]

To create wealth, we either:

1) dig it (mining i.e natural resources)
2) grow it (agriculture)
3) make it (manufacturing)

All other 'wealth creation' in the service industries rely on the primary wealth creation industries.

Yes, some nations/cities have 100% service industries such as tourism or banking - but they rely on an influx of wealth that is generated from the first three.

If you look at this in context of T&T, we seem to be doing well with number 1 and to a lesser extent, number 3.

But look what happen with number 2.  From what I saw last year when I visited, agriculture has been allowed to go down the drain.  I saw acres of prime farmland all gone to waste.

If we want to diversify, agriculture is where we need to go.  A nation like T&T should not be relying on imports to meet our food requirements.

Agriculture would represent a step backwards.

nah man, when I used the word agricultures i was also referring to animal farming

Technological advancements in agriculture/farming have created higher yields in many part of the world.  If we can develop a vibrant farming (crops and animals), and become net exporter of food, that will create wealth for those working the land.  At the same time, we boost manufacturing for down stream food processing. 

farming can never be a step backyards if done properly.  I talking about technologically advanced farming endeavors with spin off industries relating to food and products made from these raw inputs.

For example, in Canada, cole cole Canda, big improvements have been made in Greenhouse technologies .. now take that concept and apply it to Trinidad, - use new technologies to leverage the existing farms and abandoned farms -  the possibilities are mind boggling.

We need to get away from the little garden with two banana tree, a orange tree, a coconut tree, ground provisions, two chicken in the coup, one duck. That is hobby farming

We need to get away from the labour intensive farming methods and use technological know-how that is available in other parts of the world.

There is a view held mainly by older folks that this would actually help the problem. I can see the merits of it; an automatic safety net to global agricultural and financial shocks, along with the inculcation of survival skills and the possibility of wealth (however small) generation.

The current mode of settlement in Trinidad isn't conducive to this activity on a large scale. Community based growing has been recently proposed as a part of the solution by the Government. They claim they will provide incentives to community farms. I'm not sure how they plan to do this.

To me the development of agriculture in Trinidad in the first instance must pursue the goal of improving food security. Its very good to be competitive and use agriculture a foreign exchange earner but I really don't mind using a few 100 million to subsidise farmers to improve the supply of food locally.Also I think Caricom is saying the right things to treat with food security from a regional perspective. Guyana appears to a key player in this thrust. There is talk of the Guyanese Government leasing some of their fertile lands to CARICOM citizens for growing food.

On a secondary basis agriculture for profit could also be explored. There is tremendous resource available at the University of the West Indies to develop to new innovative ways of growing and processing agricultural products. CARIRI also has some research capacity in the area of food. These technical competencies must be utilized to develop enterprise particularly for niche markets.

One aspect touched on by Bakes is the availability of labour or the lack thereof  ,for these jobs. Any honest farmer in Trinidad will tell you nobody want to farm any more. Government has a programme called YAPA (Youth Apprenticeship Programme in Agriculture) which is a kind of OJT/vocational training programme to introduce young people to business of agriculture. This programme is noticeably less publicized than other training programmes. It  should be evaluated and expanded where necessary.

[truetrini]

To me the only valid arguement for agriculture with governmental input/assistance would be in the form of organic farming.

That is ah new world trend

[Jah Gol]

To me the only valid arguement for agriculture with governmental input/assistance would be in the form of organic farming.

That is ah new world trend

I think it is irresponsible to depend on vicissitudes the market alone. Government has a role to play in agriculture for the sake of food security.

[Feliziano]

ah think ah read somewhere in this thread that we maiking real dollars off oil.
i would say we are now a gas based economy instead.
but we go run out of that soon at the present rate of production and with smelter and more methanaol/ammonia plants to come on stream.
we will need the bigger companies to come in and find more gas..that means they go get tax breaks, incentives, etc
we could also hook up with Chavez but obviously our biggest customer, the US, ent go want that  

actually what we should be doing is taking the money we making from the partnerships with the foreigners in the Atlantic LNG projects and build a couple trains that will be 100% owned by the T&T goevenrment.

btw do you all know that we can't even drill enough oil to even satisy a quarter of Point-a-Pieere's daily  capacity?
and that we does have to import oil from venezuela and Nigeria etc just to run it?

[Deeks]

Is praedial larceny(tiefing) in agriculture a discouraging facotr in farming in TT?

[pecan]

I have to acknowledge that I am not familiar with the various incentive programs in place.  I have been away too long.

But that absence in itself is telling.

In August, I visited home for the first time in donkey years.  As I drove south to San Fernando and then to Princes Towm, what struck me the most was not the new highways, or new buildings, but rather, the derelict cane fields and the derelict sugar processing plant.

Beautiful fields of cane all gone to hell. (anybody remember the sight and aroma of burning cane at night?)

And that is when it really dawned on me that the agriculture industry in Trinidad has taken a back seat to oil.  As a child I used to 'walk' the cocoa seeds and coffee beans in my grandfather cocoa house in Moruga - all that is gone now.

So when the comments on diversification came up in this thread, it seemed obvious to me that the role of agriculture needs to be re-examined again.

Derelict cane fields suggest to me that it have no incentives to encourage growth in agriculture at the moment.

It so happens, I do a little bit of work in R&D in food/agriculture/animal health/nutrition in Ontario and I have seen the direct link between R&D investment tax credits and the ability of a company to become competitive through the development of new technologies.

[Bakes]

I have to acknowledge that I am not familiar with the various incentive programs in place.  I have been away too long.

But that absence in itself is telling.

In August, I visited home for the first time in donkey years.  As I drove south to San Fernando and then to Princes Towm, what struck me the most was not the new highways, or new buildings, but rather, the derelict cane fields and the derelict sugar processing plant.

Beautiful fields of cane all gone to hell. (anybody remember the sight and aroma of burning cane at night?)

And that is when it really dawned on me that the agriculture industry in Trinidad has taken a back seat to oil.  As a child I used to 'walk' the cocoa seeds and coffee beans in my grandfather cocoa house in Moruga - all that is gone now.

So when the comments on diversification came up in this thread, it seemed obvious to me that the role of agriculture needs to be re-examined again.

Derelict cane fields suggest to me that it have no incentives to encourage growth in agriculture at the moment.

It so happens, I do a little bit of work in R&D in food/agriculture/animal health/nutrition in Ontario and I have seen the direct link between R&D investment tax credits and the ability of a company to become competitive through the development of new technologies.

With sugar I think what it is...is that we can't produce enough sugar to be competitive on the market...and my guess is that we don't have enough of a demand at home to justify having the factories up and running.  You need a certain level of ouput to justify the production costs.  I'm sure about the first part...the latter part as to why we're not producing for ourselves is what I'm not sure about.

[truetrini]

A little History lesson. First addressing Feliz post about oil ad Point a Pierre.  we have always imported crude from Venezuela to ensure that the refinery runs on a cost effective basis..not a problem.  We sell refined oil..still makes a good profit.

Secondly addressing sugar cane...In the 50's 60' and 70's we got subsidies from England and guarantees that they would buy X amount of refined sugar to make the factories viable.  We never made much from sugar sans those quotas and subsidies.

When England said enough no more OUR government took over and subsidised de damn thing..at great losses.

Sugar was always ah lost cause.

The real problem with food in the Caribbean is that the Governments in the region view this rising food prices as temporary and they are faced with the challenge (T&T in particlar) of striving to maintain growth, fiscal income and still maintain a committment to socail programs!

Economic globlization is de main protagonist in this ongoing scene.  Greater demand from Brazil, China, and India adding to de troubles.  I feel energy proces and food prices eh going down dey go continue to go up. Jes recently Barbados and some other nations in Caricom cut back on de HIGH tarriffs on food stuff, and den dere is talk about a regional fast ferry for Guyana tuh supply food to T&T and other nations. 

It seems that some regional consensus must be reached on viable fisheries and food production, becasue things eh go get easier, jes tougher.

[Quags]

Ah sit down reading this ,while eating a home burger ,a slice of prime rib ,corn and 3 glasses of J and B ,I feel guilty .But if they want food ,just hook up with Mr Goudas ,he will sell oil  $1 a bag ah rice $3 ,anything yah want under $ 5 ..simple .

[Jah Gol]

A little History lesson. First addressing Feliz post about oil ad Point a Pierre.  we have always imported crude from Venezuela to ensure that the refinery runs on a cost effective basis..not a problem.  We sell refined oil..still makes a good profit.

Secondly addressing sugar cane...In the 50's 60' and 70's we got subsidies from England and guarantees that they would buy X amount of refined sugar to make the factories viable.  We never made much from sugar sans those quotas and subsidies.

When England said enough no more OUR government took over and subsidised de damn thing..at great losses.

Sugar was always ah lost cause.

The real problem with food in the Caribbean is that the Governments in the region view this rising food prices as temporary and they are faced with the challenge (T&T in particlar) of striving to maintain growth, fiscal income and still maintain a committment to socail programs!

Economic globlization is de main protagonist in this ongoing scene.  Greater demand from Brazil, China, and India adding to de troubles.  I feel energy proces and food prices eh going down dey go continue to go up. Jes recently Barbados and some other nations in Caricom cut back on de HIGH tarriffs on food stuff, and den dere is talk about a regional fast ferry for Guyana tuh supply food to T&T and other nations. 

It seems that some regional consensus must be reached on viable fisheries and food production, becasue things eh go get easier, jes tougher.

200 years of losses.

[dcs]

Is praedial larceny(tiefing) in agriculture a discouraging facotr in farming in TT?

YESSS....dem farmers defenseless.  Too many things make it difficult for them to run a profitable business and is things that could be improved.
If we produce enough food to supply ourselves for certain things or even make some dent in imports it would make a big difference to people.  If food prices world wide high and rising it will only make it more worthwhile economically to invest in agriculture even if for your own food supply....whatever disadvantages start evening out as the world market prices keep rising.  somebody hadda make the food and we have the resources....place like Japan could say it difficult but even them is do thing with fishing.

[dcs]

200 years of losses.

imagine how badly off we would have been without it.
other than that it had nothing here to fuel development of the island.

I know allyuh get the anti-sugar thing from a blind man book  lol

[Jah Gol]

200 years of losses.

imagine how badly off we would have been without it.
other than that it had nothing here to fuel development of the island.

I know allyuh get the anti-sugar thing from a blind man book  lol

Trinidadian estates were not even as productive as farms in Barbados, St Kitts or Grenada for that matter. Cuba produced more sugar than all of the British West Indies combined, it was cheaper and also of a higher quality.
 
If  a cash crop as the mainstay of economic development it should at least be competitive. Subsidizing an industry for what is mostly foreign consumption is foolhardy, it could never be sustainable.

That being said the colonial power was somewhat responsible for the centuries this mono-crop culture. Any modicum of innovation in other crops was suppressed by the Imperial regime.

[truetrini]

JAH GOL...DCS JES PAROTTING OLD TALK

[Bakes]

200 years of losses.

imagine how badly off we would have been without it.
other than that it had nothing here to fuel development of the island.

I know allyuh get the anti-sugar thing from a blind man book  lol

Sugar did nothing for the development of Trinidad and Tobago...other than luring French planters and their slaves from neighboring islands to settle and develope the island.  60 yrs later it brought Indentured Indians.  Other than that I'd like to see what book tell you otherwise.

As for saying "even Japan"....Japan has a centuries old history of fishing and their industry is one of the most developed in the world.  Trini agriculture would have a very long ways to go to get to that level of sufficiency/efficiency.

[truetrini]

Japan does wreck de world fuisheries, nearly every fishing ban was aimed at keeping dem at bay (pun intended)

[Bakes]

Japan does wreck de world fuisheries, nearly every fishing ban was aimed at keeping dem at bay (pun intended)

if again...dem men raping de seas since Moby Dick was ah li'l sperm.

[dcs]

If I remember correctly Cuba was using better technology for their sugar industry where the other islands were using way less efficient equipment/methods.  Their yield was a lot better....well at least at some point because I think it was JA was leading the way first then Cuba take over...cah remember....maybe it was B'dos or PR.

At any rate sugar was being pushed as the primary export to compete on the world market.....probably makes more sense for us to diversify what we produce for local consumption rather than trying to export...some things we could produce cheaper than outside but doubt it will be anything like rice or flour where mass production drives down cost.

Ande we have plenty labour..what yuh think CEPEP and URP is.  URP cud be for anything including agriculture.  And allyuh PM done say we getting mega farms...plus plenty rabbits  lol

I really doh get why it have this resistance...almost disdain for agriculture....like we too good for that or something....all kinda excuses why we shouldn't invest in it when everything in todays market and our resources says we should.

[WestCoast]

check it out on the net about Trinidad's Coffee and cocoa.
The Cocoa regualrly wins awards when used for high end chocolate

check a thread by DCS about our cocoa

To me the only valid arguement for agriculture with governmental input/assistance would be in the form of organic farming.

That is ah new world trend

I buy organic brown sugar produced in Brazil and/or Cuba.

[Deeks]

Dcs,
        We don't do flour, because we can't grow wheat. We can do corn or cassava flour.

[dcs]

How about catching your own food?
Letters
Trinidad Guardian
Saturday 19th April, 2008

In the face of skyrocketing food prices, globally and at home, the call to grow one’s own food has resurfaced with a vengeance. Further to that drive, I wish to propose that more people also catch their own food—an incentive that will introduce large fish farms or ponds as a medium/long-term food supplement.

On the surface it appears to be an anomaly why the price of fish is relatively high when we live on two tiny islands with many rivers running through the land. To some extent we can say that fishes practically swim all around and between us. So why isn’t fish cheaper when it is so plentiful?

Recall the brazen daylight robberies on Las Cuevas Beach. Remember the fatality when powerful waves swept away family members while rock fishing at North Post recently. Indeed, danger lurks, whether it’s the criminal element at beaches/fishing spots or damning mishaps—the deterrent is real.

And more discouragement to fish for your meal lies in the perception that our rivers are too polluted, thus making fresh water fish a dubious meal prospect for many citizens.

However, these unsavoury aspects may be dispelled with the establishment of fishing ponds/farms across the country, similar to those at the La Vega resort in Gran Couva.

Due to Tobago’s much smaller land area, population and crime ratios, fishing for a meal appears to be already a viable option there, making this proposal more relative to Trinidad.

So let’s consider that eight large fishing ponds are built, four spread across north Trinidad and four strategically placed in the South. The ponds are then populated with baby talapia and other high-protein fresh water fish, which should reach maturity in several years time.

Once on stream, as a control mechanism to prevent depletion of fishes, available ponds must be rotated and at least one pond in each half of the island must always be available. For clarity, assume that ponds A, B, C and D are in the North and ponds E, F, G and H are in the South. Ponds A and E must be opened from January 1 to March 31, while the fish populations at the other six are being replenished via reproduction. Ponds B and F must open April 1 through June 30, while the other ponds are replenished…and so on.

Each facility will display operational guidelines for use by the public. And these will be geared to benefiting as many consumers as possible, as opposed to attracting miscreants bent on taking advantage of a good thing. Guidelines may include the following:

n Entrance fee is $5 (to assist with operational costs).

n Each consumer is allowed up to five kilos of fish a visit or five visits a month, whichever comes first.

It follows that the basic amenities that include toilet facilities will be set up at each compound. Still, cafeterias may also be established at the pond sites along with at least one shop that features fishing equipment and accessories. These small businesses may be run by private citizens or companies paying rent to the Government, thereby further defraying minimal operation expenses.

These proposed fishing ponds will also generate jobs to include managers, administrative staff, sales clerks and security officers. Further benefits will be derived in the share fun and thrill of fishing, not to mention the guarantee that what you leave with is fresh.

Moreover, it must be noted that the entrance fee should be the only mandatory charge. The incentive should be largely state subsidised since too many charges will defeat the purpose of “catching one’s food”—a cheaper prospect than a trip to the grocery.

Dexter Rigsby

Mt Lambert

[dcs]

China and the states have these tilapia farms....check Walmart...they have them inidivudually plastic wrapped and selling in bulk in boxes.  Probably the cheapest fish it have for sale up there.  Taste fine to me but people down here does screw they face when they hear Tilapia  lol  I guess cuz is a river fish and people does think ravine or drain.

Those fish reproduce real fast.  I assume the fish being produced in large enough amounts to harvest and sell in the grocery and not just the recreational fishing he outlined...that could serve to get people to see where the fish coming from and change perceptions.

[Dutty]

China and the states have these tilapia farms....check Walmart...they have them inidivudually plastic wrapped and selling in bulk in boxes.  Probably the cheapest fish it have for sale up there.  Taste fine to me but people down here does screw they face when they hear Tilapia  lol  I guess cuz is a river fish and people does think ravine or drain.

Those fish reproduce real fast.  I assume the fish being produced in large enough amounts to harvest and sell in the grocery and not just the recreational fishing he outlined...that could serve to get people to see where the fish coming from and change perceptions.

Aaah boy look ah idea right dey....breed and box wabine

Call it "Waybinere,, from the fisheries of southern france"......dey go be flyin off de shelf in Hi-Lo

[Flex]

The Top 4 Economies of the Caribbean
By WARREN CASSELL JR.

Secluded from the hustle and bustle of the busy cities of the world, the Caribbean is known as one of the world's top vacation destinations. With as many as 40 million residents and 28 island nations, the Caribbean is comprised of some of the world's most dynamic economies. Below we take a look at four of them.

Trinidad and Tobago

In addition to being the wealthiest country in the Caribbean region, the twin-island nation of Trinidad and Tobago has one of the highest per capita Gross Domestic Products (GDP) in the entire Western Hemisphere, coming third after the United States and Canada. The Republic is considered to be a high-income economy by the World Bank. This means that the country’s Gross National Product (GNP) per capita is more than $12,735. In 2011, the Organization for Economic Co-operation and Development (OECD) removed Trinidad and Tobago from its list of developing countries.


According to the CIA World Factbook, Trinidad and Tobago’s GDP was $28.87 billion in 2014. The real GDP growth rate for that year was 0.8%, which was down from 1.7% realized in 2013. Unlike most economies in the Caribbean, Trinidad’s main revenue source is not tourism. Instead, the country’s economy is highly dependent on petrochemical and liquefied natural gas exports as a result of their large oil and natural gas reserves. As a member of the Caribbean Community (CARICO M), Trinidad benefits from trade alliances among other Caribbean states.


Although Trinidad and Tobago remain the Caribbean’s strongest economy, the country has been dealing with economic issues in recent times. During the island’s 2015 fiscal year, Trinidad and Tobago reported four consecutive quarters of negative GDP growth. This led to an announcement by local Central Bank in early December 2015 stating the country was officially in a recession. The recession has come as a result of the fall in international energy prices. Trinidad and Tobago use a floating exchange rate regime and as of Jan. 11, 2016, one United States Dollar (USD) could have been exchanged from $6.43 Trinidad and Tobago Dollars (TTD). (See also, Main Drivers of Trinidad and Tobago’s Economy.)

Jamaica

Up until recently, Jamaica was mostly known for its reggae music, crystal clear beaches, and a distinct accent. However, the Caribbean island’s financial industry recently made headlines when Bloomberg reported that the Jamaica Stock Exchange (JSE) was the world’s best-performing stock market for 2015. While the Standard and Poor’s 500 Index (S&P 500) reported negative returns in 2015, the JSE market index rose by 97%. This came as a result of foreign acquisitions and a recovering economy.

The Jamaican economy is heavily reliant upon export revenues from its agriculture and mining industries. According to a January 2015 report published by the U.S. Geological Survey (USGS), Jamaica owned the world's fifth largest bauxite reserves in 2014. The report also revealed that the island with a population of 2.8 million was the world's eighth largest producer of bauxite for that same year. Other Jamaican exports include alcoholic preps for beverages, cassava, raw sugar, and raw coffee beans. In fact, the Jamaican Blue Mountain Coffee is one of the world’s most popular types of coffee.


Like Trinidad and Tobago, Jamaica is a member of, CARICOM, a common market in the Caribbean. A heavily indebted nation, Jamaica’s economy has been slowly bouncing back from a recession. For the third year in a row, the island reported positive economic growth. In 2015, Jamaica’s GDP was estimated to have increased by 1.4%. This can be considered a fairly good improvement in the economy as the island’s 30-year average economic growth is less than 1%. In recent times, the Government of Jamaica has been working on economic reforms that have gained support from the International Monetary Fund (IMF), World Bank, and the Inter-American Development Bank. (For more see, List of the Major Stock Exchanges in the Caribbean.)

Cayman Islands

Many people wish that they could avoid paying income taxes without getting into trouble with the law—the residents of the Cayman Islands are afforded the luxury of doing so. Known as one of the world’s top tax havens, the Cayman Islands imposes a 0% tax rate on income earned by both individuals and corporations. Additionally, there are no capital gains, gift or property taxes in the British Overseas Territory.

As a result of its tax neutral status, the Cayman Islands has attracted many wealthy people and corporations to incorporate business entities in their jurisdiction. The primary source of the government’s revenue comes from indirect taxes such as value-added tax (VAT) and customs duties. Like most tax havens, the majority of the law firms, accountants, and company managers in the Cayman Islands focus their efforts on serving the financial services industry.

The Government of the Cayman Islands also makes a substantial amount of money from fees associated with registering and renewing offshore companies and hedge funds. In 2007, the financial services industry in the Cayman Islands generated $1.2 billion Cayman Island dollars (KYD) in GDP, representing 55% of the nation’s economy. The industry also covered 40% of all government revenue, directly generating KYD$ 204 million. Unlike Jamaica and Trinidad and Tobago, the Cayman Islands uses a fixed exchange rate regime. As one of the world’s strongest currencies, the US$1 can buy KYD$0.82. (Related article, Caribbean Currencies: An Overview.)

Dominican Republic

In addition to possessing the ninth largest economy in Latin America, the Dominican Republic has the largest GDP among the different nations that make up the Caribbean. In 2014, the Dominican Republic reported an economic growth rate of 7.3%, an increase from 4.8% realized in 2013, as well a GDP of $64.14 billion. Strong trading relationships and large remittance payments helped to contribute to the expansion of the island's economy. In fact, remittances serve as the island’s third largest source of foreign exchange.

In addition to being the Caribbean’s second largest producer and exporter of sugarcane, the Dominican Republic exports cigars, sugar cane, refined petroleum, and bananas. The island’s list of key trading partners includes the United States, China, and Haiti. (See also, Find the Top Caribbean Islands For Retirement.)

The Bottom Line

Much more than a holiday destination, the Caribbean region consists of small island economies that are major players in a wide range of global industries. The twin-island state of Trinidad and Tobago, for example, has fueled their economic growth with export revenues from oil and gas. On the other hand, Jamaica is one of the world’s leading producers of bauxite. The Dominican Republic and the Cayman Islands are well-known offshore tax haven of choice for multinational corporations and billion dollar financial service companies.

[Deeks]

That just don't make sense to me.