With the changing economies, it is important to focus on all three sectors of industries. Previously in the middle of the twentieth century, the Caribbean depended on primary industries and mainly agriculture industry which largely produced sugar, banana and nutmeg. Subsistence farming was also done but mainly provided food for families and contributed little to the economy. However with countries becoming more economically developed, importance is placed on different types of activities. These include:
- Garment manufacturing in St. Kitts-Nevis, food and drink processing in Jamaica, electrical good production in Barbados and cement manufacturing in Guadeloupe.
- Tourism in Jamaica, Puerto Rico, Dominica Republic, Cuba and many other Caribbean islands.
- Financial services in Bermuda, the Cayman Islands and the Netherlands Antilles.
- Most countries also developed their health and education services as they become richer.
With importance placed on the three sectors of industries the economy benefits a lot. A wide range of jobs are created in different areas, countries earn foreign exchange currency, such as US dollars, Euros and UK pounds and also revenue or money is gained for the government. With emphasis placed on the different industries, one type isn't exploited and revenue is earned from different sectors.
No comments:
Post a Comment