Barbados is an island country in the Lesser Antilles of the West Indies, in the Caribbean region of North America and the most easterly of the Caribbean Islands. It lies on the boundary of the South American and the Caribbean Plates. Its capital and largest city is Bridgetown.
The economy of Jamaica is heavily reliant on services, accounting for 70% of the country's GDP. Jamaica has natural resources and a climate conducive to agriculture and tourism. The discovery of bauxite in the 1940s and the subsequent establishment of the bauxite-alumina industry shifted Jamaica's economy from sugar, and bananas.
Once a single-crop agricultural economy, Saint Lucia has shifted to a tourism and banking serviced-based economy. Tourism, the island's biggest industry and main source of jobs, income and foreign exchange, accounts for 65% of its GDP. Agriculture, which was once the biggest industry, now contributes to less than 3% of GDP, but still accounts for 20% of jobs. The banana industry is now on a decline due to strong competition from low-cost Latin American producers and reduced European trade preferences, but the government has helped revitalize the industry, with 13,734 tonnes exported in 2018. Agricultural crops grown for export are bananas, mangoes, and avocados. The island is considered to have the most diverse and well-developed manufacturing industry in the eastern Caribbean.
The economy of Trinidad and Tobago is the third wealthiest in the Caribbean and the fifth-richest by GDP (PPP) per capita in the Americas. Trinidad and Tobago is recognised as a high-income economy by the World Bank. Unlike most of the English-speaking Caribbean, the country's economy is primarily industrial, with an emphasis on petroleum and petrochemicals. The country's wealth is attributed to its large reserves and exploitation of oil and natural gas.
The economy of Saint Kitts and Nevis has traditionally depended on the growing and processing of sugar cane; decreasing world prices have hurt the industry in recent years. Tourism, export-oriented manufacturing, and offshore banking activity have assumed larger roles in Saint Kitts and Nevis. Most food is imported. The government has undertaken a program designed to revitalize the faltering sugar sector. It is also working to improve revenue collection in order to better fund social programs. In 1997, some leaders in Nevis were urging separation from Saint Kitts on the basis that Nevis was paying far more in taxes than it was receiving in government services, but the vote on cessation failed in August 1998. In late September 1998, Hurricane Georges caused approximately $445 million in damages and limited GDP growth for the year.
The economy of Dominica is reliant upon agriculture, particularly bananas, with the financial services industry and passport sales becoming increasingly the island's largest source of income. Banana production employs, directly or indirectly, upwards of one-third of the work force. This sector is highly vulnerable to weather conditions and to external events affecting commodity prices. The value of banana exports fell to less than 25% of merchandise trade earnings in 1998 compared to about 44% in 1994.
Port of Spain, officially the City of Port of Spain, is the capital of Trinidad and Tobago and the third largest municipality, after Chaguanas and San Fernando. The city has a municipal population of 49,031, an urban population of 544,949 and a transient daily population of 250,000. It is located on the Gulf of Paria, on the northwest coast of the island of Trinidad and is part of a larger conurbation stretching from Chaguaramas in the west to Arima in the east with an estimated population of 600,000.
Since the island country's independence in 1966, the economy of Barbados has been transformed from a low-income economy dependent upon sugar production into a high-income economy based on tourism and the offshore sector. Barbados went into a deep recession in the 1990s after 3 years of steady decline brought on by fundamental macroeconomic imbalances. After a painful re-adjustment process, the economy began to grow again in 1993. Growth rates have averaged between 3%–5% since then. The country's three main economic drivers are: tourism, the international business sector, and foreign direct-investment. These are supported in part by Barbados operating as a service-driven economy and an international business centre.
A developed country, or high-income country, is a sovereign state that has a high quality of life, developed economy, and advanced technological infrastructure relative to other less industrialized nations. Most commonly, the criteria for evaluating the degree of economic development are the gross domestic product (GDP), gross national product (GNP), the per capita income, level of industrialization, amount of widespread infrastructure and general standard of living. Which criteria are to be used and which countries can be classified as being developed are subjects of debate. Different definitions of developed countries are provided by the International Monetary Fund and the World Bank; moreover, HDI ranking is used to reflect the composite index of life expectancy, education, and income per capita. Another commonly used measure of a developed country is the threshold of GDP (PPP) per capita of at least US$22,000. In 2023, 40 countries fit all four criteria, while an additional 15 countries fit three out of four.
Tobago is an island and ward within the Republic of Trinidad and Tobago. It is located 35 kilometres (22 mi) northeast of the larger island of Trinidad and about 160 kilometres (99 mi) off the northeastern coast of Venezuela. It also lies to the southeast of Grenada.
Trinidad is the larger and more populous of the two major islands of Trinidad and Tobago. The island lies 11 km (6.8 mi) off the northeastern coast of Venezuela and sits on the continental shelf of South America. It is often referred to as the southernmost island in the West Indies. With an area of 4,768 km2 (1,841 sq mi), it is also the fifth largest in the West Indies.
The economy of North America comprises more than 596 million people in its 24 sovereign states and 15 dependent territories. It is marked by a sharp division between the predominantly English speaking countries of Canada and the United States, which are among the wealthiest and most developed nations in the world, and countries of Central America and the Caribbean in the former Latin America that are less developed. Mexico and Caribbean nations of the Commonwealth of Nations are between the economic extremes of the development of North America.
The 'Economy of the Caribbean' is varied, but depends heavily on natural resources, agriculture and travel and tourism.
Trinidad and Tobago, officially the Republic of Trinidad and Tobago, is the southernmost island country in the Caribbean. Consisting of the main islands Trinidad and Tobago and numerous much smaller islands, it is situated 11 kilometres off the coast of northeastern Venezuela and 130 kilometres south of Grenada. It shares maritime boundaries with Barbados to the east, Grenada to the northwest, Saint Vincent and the Grenadines to the north and Venezuela to the south and west. Trinidad and Tobago is generally considered to be part of the West Indies. The island country's capital is Port of Spain, while its largest and most populous city is San Fernando.
A high-income economy is defined by the World Bank as a country with a gross national income per capita of US$13,845 or more in 2022, calculated using the Atlas method. While the term "high-income" is often used interchangeably with "First World" and "developed country," the technical definitions of these terms differ. The term "first world" commonly refers to countries that aligned themselves with the U.S. and NATO during the Cold War. Several institutions, such as the Central Intelligence Agency (CIA) or International Monetary Fund (IMF), take factors other than high per capita income into account when classifying countries as "developed" or "advanced economies." According to the United Nations, for example, some high-income countries may also be developing countries. The GCC countries, for example, are classified as developing high-income countries. Thus, a high-income country may be classified as either developed or developing. Although Vatican City is a sovereign state, it is not classified by the World Bank under this definition.
The economy of Curaçao is a high income economy, as defined by the World Bank. The island has a well-developed infrastructure with strong tourism and financial services sectors. Shipping, international trade, oil refining, and other activities related to the port of Willemstad also make a significant contribution to the economy.
The nation of Trinidad and Tobago has been the leading supporter of the Caribbean Community (CARICOM). Trinidad and Tobago was one of the four members in 1973 which then along with Barbados, Guyana and Antigua and Barbuda moved to establish the organisation that today it known as the Caribbean Community and Common Market. The new organisation because a successor to the Caribbean Free Trade Association (CARIFTA) by the Treaty of Chaguaramas, of which Trinidad and Tobago was a leading member and also a founding member.
Japan and the Republic of Trinidad and Tobago have had established diplomatic relations since May 1964, two years after the isles had attained their independence in 1962.
The Trinidad & Tobago Film Company Limited (FilmTT)is the state agency established in 2006 to facilitate the growth and development of the film and audio-visual sector in Trinidad & Tobago. As a subsidiary of the Trinidad and Tobago Creative Industries Company Limited, FilmTT works on all aspects of film sector development, promotes Trinidad & Tobago as a film production location, and provides Film Commission services to local and incoming productions. FilmTT's mission is to maximise the economic and creative potential of Trinidad and Tobago's screen industries for the benefit of the country and its people.
The Trinidad and Tobago Creative Industries Company Limited (CreativeTT), established by The Government of the Republic of Trinidad and Tobago through the Ministry of Trade and Industry in 2013, is a wholly owned State enterprise with the mandate ‘to stimulate and facilitate the business development and export activities of the creative industries in Trinidad and Tobago to generate national wealth.’ CreativeTT is therefore responsible for the strategic and business development of the three (3) niche areas and subsectors under its purview- film, fashion and music. As a result, CreativeTT is known as the parent company of three subsidiary companies for the three subsectors. They are Trinidad and Tobago Music Company Limited (MusicTT), Trinidad and Tobago Film Company Limited (FilmTT) and Trinidad and Tobago Fashion Company Limited (FashionTT).
