Trinidad and Tobago’s economy is the third richest in the Caribbean and the fifth richest in the Americas in terms of GDP (PPP) per capita. The World Bank classifies Trinidad and Tobago as a high-income country. The country’s economy, unlike most of the English-speaking Caribbean, is predominantly industrial, with a focus on petroleum and petrochemicals. The country’s wealth is based on its vast oil and natural gas deposits and utilization.
Trinidad and Tobago has a reputation for being a great place to invest for multinational companies, with one of the greatest growth rates and per capita incomes in Latin America. Investments in liquefied natural gas (LNG) and petrochemicals have propelled recent expansion. More petrochemical, aluminum, and plastics projects are in the works at various levels.
Trinidad and Tobago produces the most oil and gas in the Caribbean, and its economy is strongly reliant on these resources. It also supplies the Caribbean region with manufactured commodities, including food and beverages, as well as cement. Oil and gas accounts for around 40% of GDP and 80% of exports, but just 5% of jobs.
Which Caribbean country has the largest gross domestic product?
Is this the Caribbean’s wealthiest island? It’s the Bahamas, with a GDP per capita income of $33,516. This stable, developing country is the richest in the West Indies and has the 14th largest nominal GDP in North America. The Bahamas, like much of the Caribbean, is primarily reliant on tourism. Growth in the segment has aided the construction of numerous hotels and resorts across the island, resulting in an increase in GDP. The Bahamas relies on offshore banking to drive its economy as a tax haven, with the financial services industry accounting for about 17% of GDP.
What is the Caribbean’s poorest country?
Political instability, rising violence, and fragility continue to stymie Haiti’s economic and social growth. Haiti is still the poorest country in Latin America and one of the poorest countries on the planet. Haiti had the lowest GDP per capita in the LAC area in 2020, at US$2,925, less than a sixth of the LAC average of US$15,092. In 2020, Haiti was placed 170th out of 189 nations on the UN’s Human Development Index.
The COVID-19 epidemic has exacerbated a weakened economy already beset by social unrest and political unrest. The economy was declining and suffering serious budgetary imbalances even before the outbreak. Following a 1.7 percent contraction in 2019, GDP is expected to contract by 3.8 percent in 2020.
Past marginal achievements in poverty reduction have been undone by a series of crises, the most recent of which were the COVID19 pandemic, the assassination of President Jovenel Mose, and the August 2021 earthquake.
According to current projections, the poverty rate in 2020 will be around 60%, up from the last official national estimate of 58.5 percent in 2012. Rural areas are home to roughly two-thirds of the impoverished. The disparity in welfare between urban and rural communities is mostly owing to poor agriculture production circumstances. Haiti is also one of the countries in the region with the most inequalities. The richest 20% of the population owns more than 64% of the country’s total wealth, while the poorest 20% own less than 1%.
Since 2019, Haiti has achieved considerable progress in cholera control, with no laboratory-confirmed cases. Despite this progress, human capital gains have slowed and, in some circumstances, regressed since 2012. Infant and maternal mortality remain high, and preventive coverage is stagnant or declining, particularly among the poorest households.
According to the Human Capital Index, a child born today in Haiti will be just 45 percent as productive as if he or she had full access to quality education and healthcare as a child born today in the United States. Over one-fifth of youngsters are at danger of cognitive and physical disabilities, and only 78 percent of 15-year-olds will live to be 60 years old.
Aside from the virus and the political crisis, Haiti remains vulnerable to natural disasters, particularly hurricanes, floods, and earthquakes. These types of shocks affect more than 96 percent of the population. On August 14, 2021, an earthquake with a magnitude of 7.2 on the Richter scale devastated Haiti’s southern region, which is home to 1.6 million people. The epicenter of the earthquake was located 12 kilometers north-east of Saint-Louis-du-Sud, about 125 kilometers west of the capital, Port-au-Prince.
Hurricane Matthew, which devastated the country in 2016, wreaked havoc on the same area. It cost the country 32 percent of its 2015 GDP in losses and damages, compared to the 2010 earthquake, which killed around 250,000 people and obliterated 120 percent of the country’s GDP. Extreme weather events are predicted to become more frequent, intense, and impactful as a result of climate change, and the country, while making progress, still lacks proper preparedness and coping strategies.
Which Caribbean country has the lowest gross domestic product?
GDP per capita in Latin America and the Caribbean 2020, nation by country Haiti had the lowest GDP per capita in the region in the same year, at less than 1,180 dollars per person per year.
What is the largest Caribbean island?
Based on land area, this statistic depicts the Caribbean’s largest island countries and territories. With a total area of almost 111 thousand square kilometers, Cuba is the largest island country in the Caribbean, followed by the Dominican Republic, which has a total area of approximately 49 thousand square kilometers.
Is Trinidad & Tobago a poor country?
With a GDP per capita of around US$15,500, Trinidad and Tobago is a high-income developing country. It boasts the greatest economy in the CARICOM region and is the third most populous country in the region, with a population of over 1.3 million people.
Trinidad and Tobago has what kind of economy?
Trinidad and Tobago is a Caribbean archipelago located in the North Atlantic Ocean. Barbados, Guyana, and Venezuela share sea borders with it. Trinidad and Tobago’s geography is dominated by plains with a few low mountains thrown in for good measure. The government is a parliamentary republic, with the president as the chief of state and the prime minister as the head of government. Trinidad and Tobago features a mixed economic system, with a mixture of private liberty and centralized economic planning and government regulation. The Caribbean Community includes Trinidad and Tobago (CARICOM).
What is the finest Caribbean country?
According to the United Nations Development Program, Jamaica is the ninth best Caribbean country to live in and the 94th best country in the world to live in. Residents’ life expectancy at birth, the predicted number of years at school, the mean number of years at school, and gross national income per capita are among the parameters used to establish a country’s position on the list. Barbados is the Caribbean’s best-rated country for quality of life in 2017. Barbados was also placed 54th in the world in terms of quality of life. Only countries who are members of the United Nations and supply the organization with valid data are considered for the ranking.
Below is a complete list of Caribbean countries, including their global rankings in parenthesis.
The United Nations Development Programme (UNDP) operates in approximately 170 nations and territories, assisting in the eradication of poverty and the reduction of disparities and exclusion. They assist countries in the development of policies, leadership skills, partnership abilities, institutional capabilities, and resilience in order to maintain development outcomes.