There are many countries in the world that have not been able to become fully developed economically. For those countries that are developed, they are usually around the same region. Many of the more developed countries are located in Europe, North America and some exceptions in Asia. However, that is not always the case, the Caribbean, although a small part of the world, has surprisingly a few countries that are either developed, or in the process of developing. The country that this research agenda will focus on is the country that is the richest of all the Caribbean, Trinidad and Tobago. Not only is Trinidad and Tobago the richest in the Caribbean, it is also the third richest country by GDP per capita in the Americas following the US and
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Trinidad did not catch much attention from Spain until they allowed the French to enter and start the growth of sugar plantation. This was the result of the Trans-Atlantic slave trade during the 15th to the 19th century. After this occurred, the agricultural sector of Trinidad rapidly grew and Trinidad soon started to expand their plantation to not only sugar, but coffee, cacao and cotton. By the 1800s Trinidad 's economy was agriculturally based on the export of cane fields, coffee and cacao. Aside from the rapid economic growth of Trinidad, Tobago was also one of the top producers of sugar. When the British took Trinidad from Spain in 1797, followed by ceding Tobago from France, in 1802, slavery was soon abolished. Since slavery was abolished, workers from India were brought in to work on the sugar plantations. Shortly after that, Trinidad and Tobago became a single British Colony in 1889. Once the sugar industry started to decline because of the growth of sugar plantation elsewhere, Trinidad and Tobago became the most under populated island in the Caribbean. Fortunately, Trinidad and Tobago started to become an oil based economy as it discovered the immense amount of …show more content…
The finance, insurance and real estate industry, the manufacturing industry and the restaurant and distribution sector have contributed smaller shares. The most growth out of these three sectors is finance which averaged about 14 percent, followed by, restaurants and 12 percent, then, the manufacturing industry that contributed 8 percent. If these sectors, alongside the oil and energy industry were to grow simultaneously, Trinidad and Tobago would continue to be the richest Caribbean country. Fortunately, Trinidad and Tobago have been in the process of implementing initiatives to diversify their economy. Some government incentives have been directed at reducing costs and hurdles to doing business, which will affect the manufacturing sector. Foreign and local investors who are interested in tourism-based companies have also been a topic the Trinidadian government has been more open about. Trinidad and Tobago are clearly aware of the consequences that may occur if they do not act now. A series of measures were addressed by Prime Minister Dr. Keith Rowley, that will potentially stabilize the economy. These measures included: a cut in the operational expenses at all ministries, a reintroduction of taxes on land and building, a revised regime of value added tax and
Trinidad did not catch much attention from Spain until they allowed the French to enter and start the growth of sugar plantation. This was the result of the Trans-Atlantic slave trade during the 15th to the 19th century. After this occurred, the agricultural sector of Trinidad rapidly grew and Trinidad soon started to expand their plantation to not only sugar, but coffee, cacao and cotton. By the 1800s Trinidad 's economy was agriculturally based on the export of cane fields, coffee and cacao. Aside from the rapid economic growth of Trinidad, Tobago was also one of the top producers of sugar. When the British took Trinidad from Spain in 1797, followed by ceding Tobago from France, in 1802, slavery was soon abolished. Since slavery was abolished, workers from India were brought in to work on the sugar plantations. Shortly after that, Trinidad and Tobago became a single British Colony in 1889. Once the sugar industry started to decline because of the growth of sugar plantation elsewhere, Trinidad and Tobago became the most under populated island in the Caribbean. Fortunately, Trinidad and Tobago started to become an oil based economy as it discovered the immense amount of …show more content…
The finance, insurance and real estate industry, the manufacturing industry and the restaurant and distribution sector have contributed smaller shares. The most growth out of these three sectors is finance which averaged about 14 percent, followed by, restaurants and 12 percent, then, the manufacturing industry that contributed 8 percent. If these sectors, alongside the oil and energy industry were to grow simultaneously, Trinidad and Tobago would continue to be the richest Caribbean country. Fortunately, Trinidad and Tobago have been in the process of implementing initiatives to diversify their economy. Some government incentives have been directed at reducing costs and hurdles to doing business, which will affect the manufacturing sector. Foreign and local investors who are interested in tourism-based companies have also been a topic the Trinidadian government has been more open about. Trinidad and Tobago are clearly aware of the consequences that may occur if they do not act now. A series of measures were addressed by Prime Minister Dr. Keith Rowley, that will potentially stabilize the economy. These measures included: a cut in the operational expenses at all ministries, a reintroduction of taxes on land and building, a revised regime of value added tax and