Paper on Caribbean Economic Development (Emerging Technologies and Human Development)

The Caribbean is one of the most diverse regions in the entire continent. It is made up of thirteen countries, including the Dominican Republic. Among these countries, Bermuda emerges to be the most economically developed nation with significant technological advancements. Bermuda has the highest population among the territories that were colonized by Britain. The Caribbean has significant potential for its economic development and diversification. Over time, countries found in the Caribbean borders have progressed immensely in technology and other socio-economic aspects. Therefore, a review of the economic advancements and human developments will be the basis of this paper.

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The Caribbean is the most developed when it comes to tourism. The latest analysis revealed that many flights are booked from overseas into the Caribbean in one day. Over 17 million flights are recorded per day. Tourists come to these nations to enjoy the cool breeze on the Caribbean islands. Many countries get a vast amount of their revenue from the tourists’ fees while enjoying their Caribbean countries’ services. The analysis also reveals that tourism in the Caribbean grew from below 3% in recent years to 4.4% in 2019 (Grazzi and Pietrobelli, 2016). The remarkable growth of tourism in the Caribbean affected the entire globe since tourism was becoming invested in different countries. The Dominican Republic stands out to be a country that hosts many visitors per day. Their share is about 29% of the total visitors who flood the Caribbean countries. Jamaica then follows with 12%. Cuba holds its tally of visitors at 11% of the total individuals (Grazzi and Pietrobelli, 2016).

However, there were reported cases of death of Americans who spent their holidays in the Dominican Republic; thus, many started deviating from this country. As a result, Jamaica, Cuba, and other tourist attractive nations in the Caribbean started benefiting since tourists began traveling to those areas. Puerto Rico also received many visitors due to its advanced technology and beautiful scenery but got a severe blow when the hurricane devastated her people and properties. Nonetheless, the Caribbean has improved so much towards creating tourist-friendly countries. The countries are filled with attractive beaches that are resting places for the visiting people. Many renovations are still happening to the tourism sectors to enable these Caribbean countries to host as many tourists as possible (Deonanan and Ramkissoon, 2018).

While the USA’s travel to the Dominican Republic dropped by about 21%, tourists from continental Europe began taking up the vacant accommodation. The empty spaces got filled faster due to the countries’ ability to cope with the National tragedies that strike them now and then. Visitors who filled the empty place in the Dominican Republic were mainly Italians. An analysis shoots the percentage of Italian visitors to 30.3%. Furthermore, the French became interested in booking flights and enjoyed the sceneries in the Caribbean; thus, their tally went to a blooming 20.9%. Spain went up to 9.5%, climaxing the number of received visitors in the Dominican Republic (Madrueño, 2019). Thus, tourism is one of the reasons behind the glowing economic development in the Caribbean countries.

Human development mainly speaks about expanding people’s choices. It focuses on the productivity of people’s lives and not on the actual possessions and salary alone. The human development bases its analysis on the Caribbean people’s resilience and advances the previous human development programs. Human development is key to realizing a sound economy in any country (Bryan, 2018). It fosters multidimensional progress in various sectors of the economy of the Caribbean, especially the Dominican Republic and Jamaica. There has been an expansion of children’s care, especially the most potential to help in the economic build-up. Expansion of education sectors like colleges and Universities is a course that has been established in different countries of the Caribbean. The elderly and disabled people have found their place in these countries since their education and skill empowerment continue to be employed in their lives. Additionally, these groups of people get access to essential services all over the nation. Access to basic services by the disabled and aged people is not the case in all other nations of the world; thus, this makes the Caribbean a far better place to live (Bryan 2018).

Moreover, there has been an improvement in labor quality among young men and women. The quality jobs offered to the young men in these countries characterize themselves with equality and fair income issuance. Employment trust has built up, thus leading to better working skills and morale. Stigmatization due to ethnicity in different parts of the world during working time is very minimal in the Caribbean (Bryan 2018). Discrimination due to disability, skin color, race, sexual orientation, or disability is an issue that is highly prohibited in Caribbean countries. Eradication of this segregation has been made possible by introducing affirmative actions, protection policies, and the urge to empower young citizens to become self-dependent (Bryan 2018). Recognition of individual and collective rights is taking course all over these nations, thus making all the citizens aware of their freedom and limitations.

The Caribbean is advancing significantly in the field of trade. Promotion of the policy for the exportation of valuable goods is taking the right course in the Caribbean since the countries are full of valuable exports, which bring vast amounts of money to the region, thus fostering economic growth. Several regional groups have been created due to good ties between different Caribbean nations’ heads. Such groups include; The Caribbean Community (CARICOM) and the CARICOM Single Market and Economy (CSME). The organization formed has enabled important trade events and meetings to be held, making the trade ties between the thirteen nations improve. Due to the income these nations get from the tourism industry, these countries can import the products they need from other nations, fostering local, bilateral, and multilateral international trade (Gonzales et al., 2001). Thus, trade is the backbone of growth in the Caribbean countries since many sectors of the economy result from trade.

Conclusion

In conclusion, the Caribbean is virtually the most advanced nation in the world. Despite the challenges faced by the nations regarding hurricanes and internal wars, the countries have adopted a way to cope with these challenges at any time. Human development is still getting advanced and has boosted the flow of income both to the local people and the government. There is a clear indication that the Caribbean nations’ governments offer direct opportunities to their citizens, thus fostering industrialization and economic growth. Different nations face problems when it comes to economic boosts since abled citizens lack jobs. The Caribbean nations are doing everything they can to ensure all their citizens acquire employment and other essential services.

References

Bryan, E. O. (2018). Harnessing Information and Knowledge in the Caribbean Community (CARICOM) Region for Economic Development.

Deonanan, R., & Ramkissoon, B. (2018). Remittances and Economic Development: Evidence from the Caribbean. Social and Economic Studies, 67(2-3), 95-132. https://www.researchgate.net/profile/Benjamin_Ramkissoon/publication/328811702_Remittances_and_Economic_Development_Evidence_from_the_Caribbean/links/5de5b95e92851c83645cf237/Remittances-and-Economic-Development-Evidence-from-the-Caribbean.pdf

Gonzales, A., Brenzel, L., & Sancho, J. (2001). Health tourism and related services: Caribbean development and international trade. Final report, 57-8. https://caricom.org/documents/10111-health_study.pdf

Grazzi, M., & Pietrobelli, C. (2016). Firm innovation and productivity in Latin America and the Caribbean: The engine of economic development (p. 346). Springer Nature. http://library.oapen.org/bitstream/handle/20.500.12657/28150/1001844.pdf?sequence=1

Madrueño Aguilar, F. (2019). Assessment of Socio-Economic Development through Country Classifications: A Cluster Analysis of Latin America and the Caribbean (LAC) and the European Union (EU). https://www.redalyc.org/pdf/866/86654076002.pdf