The Caribbean is considered to be one of the world's top vacation destinations. With as many as 44 million residents and thousands of individual islands (territories, including sovereign states, overseas departments, and dependencies), the Caribbean archipelago includes some very dynamic economies. In this article, we examine some of the major economies of the region in a little more depth.

Trinidad and Tobago

The twin island nations of Trinidad and Tobago have a relatively high gross domestic product (GDP)per capita compared to other territories in the region. The Republic of Trinidad and Tobago is considered to be a high-income economy by the World Bank. A high-income economy is defined by the 澳洲幸运5官方开奖结果体彩网:World Bank as a nation with a gross national income per capita of $14,005 or more.

In 2011, the Organization for💦 Economic Co-operation and Development (OECD) removed Trinidad and Tobago from its list of developing countries.

According to the World Bank, Trinidad and Tobago’s GDP, as of 2023, is $28.14 billion. Trinidad is highly dependent on petrochemical and liquefied natural gas exports as a result of its large oil and natural gas reserves, and the Republic has had a robust economy over the last decade (primarily because of rapid growth in its production of natural gas and the country's substantial exports of petrochemicals).

As a member of the 澳洲幸运5官方开奖结果体彩网:Caribbean Community and 🌼Common Market🌠 (CARICOM), Trinidad benefits from trade alliances among other Caribbean states. CARICOM is a group of twenty developing countries that work together to shape policies for the region and encourages 澳洲幸运5官方开奖结果体彩网:economic growth and trade.

Jamaica

For many years, Jamaica was mostly known for its reggae music and crystal-clear beaches. But, the island’s financial industry made headlines, when Bloomberg reported that the 澳洲幸运5官方开奖结果体彩网:Jamaica Stock Exchange (JSE) was the world’s best-performing stock market for 2015. Thanks to foreign acquisitions and a recovering economy, the JSE index rose by 97% that year—the same time the 澳洲幸运5官方开奖结果体彩网:S&P 500 reported negative returns.

The main market in Jamaica ended with a decline of 1,515.67 points in the 2023 澳洲幸运5官方开奖结果体彩网:trading session. Trading remained firm 💖over the year with no advancements or declines from the 68☂ stocks trading on the exchange.

The Jamaican economy is powered by export revenues from its agriculture and mining industries. In addition to being one of the largest producers of bauxite (a sedimentary rock that's the chief commercial ore of aluminum), Jamaica also exports alcoholic preps for beverages, cassava, raw sugar, and raw coffee beans. Jamaica is also a member of CARICOM, a common market in the Caribbean.

In recent years, the government of Jamaica has been working on economic reforms that have gained support from the 澳洲幸运5官方开奖结果体彩网:International Monetary Fund (IMF), and the 澳洲幸运5官方开奖结果体彩网:World Bank.

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 澳洲幸运5官方开奖结果体彩网:tax havens, the Cayman Islands imposes a 澳洲幸൲运5官方开奖结果体彩网:0% tax rate on inco𒈔me earned by individuals.

There are also no corporate taxes, no 澳洲幸运5官方开奖结果体彩网:capital gains, and no gift or property taxes in the Cayman Islands, although this may change. In 2021, there were proposed global reforms that would have impacted the statuses of all tax havens, including the Cayman Islands. (After years of negotiation, the G7 came to a deal—which was presented to G20 countries in July 2021—that would require companies to face a 20% tax on earnings, above a 10% margin, in countries where its products or services are consumed. Another part of the plan would set a minimum global minimum corporate tax rate of 15%.)

As a result of its tax-neutral status, the Cayman Islands has attracted many wealthy people and corporations to incorporate business entities in its jurisdiction. The primary source of the government’s revenue comes from indirect taxes, such as 澳洲幸运5官方开奖结果体彩网: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 澳洲幸运5官方开奖结果体彩网:hedge funds.

Unlike Jamaica and Trinidad and Tobago, the Cayman Islands use a fixed exchange rate regime.

Dominican Republic

The Dominican Republic has one of the largest GDPs among the different Caribbean territories, but it's dependence on tourism negatively dropped the GDP in 2020 by 6.7%. Strong trading relationships and large 澳洲幸运5官方开奖结果体彩网:remittance payments helped to contribute to the expansion of the island's economy. In fact, remittances serve as one of the island’s largest sources of foreign exchange.

In addition to being one of the Caribbean’s largest producers and exporters of sugarcane, the Dominican Republic exports cigars, sugar cane, refined petroleum, and bananas. Some of the island’s key trading partners are the United States, China, and Haiti. 

The Bottom Line

The Caribbean is much more than a holiday destination. It consists of small island economies that are major players in a wide range of global industries. While tourism is one of the main drivers of the region's growth, it is also home to other industries. These include oil, gas, and natural resources.