Charts Of The Economic Growth In Barbados example essay topic

Barbados When one thinks of Barbados, one thinks of luscious, turquoise blue waters; soft white sand beaches; blue, white clouded skies; fresh fruits; exotic, delicious dishes and honeymoons. One, however, tends to forget the formation of this land. This Caribbean luxury Island has much history and great heritage. In this report, I will detail Barbados's location, history, labor relations, population size and structure, industries, plus add a little zest with the beauty of the Island. Let's begin with the location of Barbados. Barbados is an Island of a cluster of Caribbean Islands.

Its location is on the boundary of the Atlantic Ocean and the Caribbean Sea, in a somewhat strange location, if you may. The Island is 166 square miles and is located 13 degrees North, 59 degrees West, leaving it at around 270 miles north-east of Venezuela. Closest to the Island are the nations Saint Lucia and Saint Vincent and the Grenadines. Barbados is generally a flat island, with a central highland; the highest point being Mount Hillary which stands at 336 meters tall. Barbados is also known as "Little England" by the British. Barbados was named by Pedro A. Campos, a Portuguese explorer, who originally named the Island "Os Barbados' (The Bearded Ones) because he believed that the islands fig trees looked like beards due to their drooping aerial roots.

The capital of Barbados is Bridgetown. Barbados holds a fairly reasonable climate, not assumed by many. The climate is tropical with few months of rainy weather from June to October. Assumptions by many lead one to believe that the weather may bring about hurricanes and tropical storms. In reality, storms do not hit except every 3.09 years, while hurricanes are not seen except for once every 26.6 years.

Barbados's flag was chosen with much meaning and significance. The flag represents freedom and the breakaway from a colonized past. The flag holds three equal bands, blue, gold, and blue respectively. The middle band being gold, holds a trident head, this head is what represents independence, freedom and past disconnection. The flag is shown below: Source: ExxUN. com The nationals of Barbados are known as Barbadians or Ba jans.

Barbados holds a population of 278,289 (July 2004 est.) according to ExxUN. com. The population density is spread out over an area, with 646 people per square Kilometer. Infant mortality rate as follows: o Male: 14.26 deaths/1,000 live birth so Female: 10.94 deaths/1,000 live births Total-12.61 deaths/1,000 lives births Life expectancy at birth is as follows: o Male: 69.51 years Female: 73.81 years Total population: 71.64 years Sex ratio is as follows: o At birth: 1.01 males / female so Under 15 years: 1.01 males / females o 15-64 years: 0.96 males / females o 65 years and over: 0.62 males / females Total population: 0.93 males / females Ethnic Groups: o Black 90% o White 4%o Asian and mixed 6%Religions: o Protestant 67% (Anglican 40%, Pentecostal 8%, Methodist 7%, and Other 12%) o Roman Catholic 4% o None 17% o Other 12%Source: ExxUN. com (2004 est.) Labor relations in Barbados are vast. Once, the sugarcane industry was the biggest form of economic income for the Barbadians, now, however, manufacturing and tourism have topped the charts of the economic growth in Barbados. Sugar and molasses still are an important factor of export income for the economy, just not as largely as they once were.

Today, manufacturing has boomed in many areas, chemicals, electronics, clothing, rum and machinery being the largest hits. Unemployment is an issue that still lingers, as does it in any country, but the government continues to make immense efforts in the reduction of this dilemma. Many steps have been taking to tackle this area. Some very important steps include direct foreign investment and the privatizing of state-owned enterprises. A whopping 14% as been reduced to a fairly clean number of under 10% on the unemployment scale. As stated by Wikipedia, ."..

Trading partners include: Canada, the Caribbean Community (especially Trinidad and Tobago), the United Kingdom, and the United States". (Wikipedia) Due to the aftershocks of 9/11 the economy of Barbados lost out on tourism benefits during the years of 2001 and 2002. However, a bounce back occurred throughout 2003-2004. Business and investments opportunities took a twist for the better through 2003.

Canada benefited the Island by investing CAN$25 Billion in holdings. According to the FDI of Canada, Barabdos is on the top five destinations of investment. One of Barbados's richest settlers and residents of Canada is Eugene Mel nyk of Toronto. He is a prominent businessman. Reasons for one to set up business in Barbados are many, the land is a great opportunity for investors as it is fresh and new.

The costs in Barbados are low in regards to investments, therefore, allowing room for duty-free exports and huge profits and benefits. Also, economic, political and social stability are pluses. Barbados Investment and Development Corporation offer free consulting services to those who look to invest and build within Barbados. The advantages of doing business in Barbados include a 10-year tax holiday, with 21/2% tax rate thereafter. An exemption from import duties is an advantage for investors, leaving room for profitable business prospects. Trainees are offered cash grants, if looking to train and work within Barbados.

Manufacturing and production industries are on a continuous rise, due to full and unrestricted repatriation of capital, profits and dividends. Sectors of opportunity include: IT services, manufacturing, production, tourism, investment and financial services. Due to the beauty of this plush Island, tourism, of course, has been a target for economical growth. The gorgeous natural landscape lures people from around the world for an experience not to be forgotten. Being that Barbados was once colonized by the British a mix of both the English and the Barbadians is apparent all around the Island. Cricket is a sport, no doubt inherited from English heritage, practiced on the Island and loved by many.

Another amazing and fascinating landmark in Barbados is Trafalgar Square, yes, you heard right, the same Trafalgar Square that stands in London, with the same statue of Nelson as well. Warm sandy beaches are what most enjoy though. The sun and the water is where most people enjoy relaxing. The economy is boomed by many visitors. Scuba diving, cruising, swimming, water parks, romantic sunsets, good food, and plenty of music are just some of the few attractions to boost economic income.

Cultural heritage is what makes Barbados so fresh and colorful. Festivals and carnivals are a continuous attraction to many tourists. Two of the largest carnival and one of the largest cultural events is the Congaline Festival and the Crop Over Festival. These are annual events, the Congaline Festival being the smaller of the two. This festival takes place during the last week of March. The Crop Over Carnival starts at the beginning of July and ends during the first week of August.

Musical and other traditional activities take place in this time of fun. The Crop Over festival closes with a large parade. Another economy growth, related to tourism, is the building of hotels, new homes, re-developments, office complexes, condos and mansions. By providing housing and resorts for tourists, the attraction will not only pull in tourists, but it will provide economic structure. Barbados is a country of much integrity, , and culture.

Economic prospects are respected and growing. Tourism is an economic prospect that is growing for many reasons and one that is sure to lead Barbados in the right direction.