Alberta

The economy of Alberta is considered as one of Canada’s strongest cities. They have their petroleum industry, technology and agriculture to thank for this.

Alberta is the most developed, fastest growing and densest region in Canada. It is, in fact, Canada’s richest province.

Alberta also offers a collective array of healthcare benefits. It even boasts of their economic freedom - having the most free financial system in Canada and ranking the 4th amongst the US and Canadian Provinces.

With the price of oil rising, Albertans will not just experience the utmost salaries in the world but the most premier quality of life as well.

Costa Rica

Costa Rica’s economy is dependent on their agriculture, tourism and electronic exports. Though they were stricken with poverty over the past fifteen years, they are now slowly regaining themselves in economic growth.

They are still the 2nd in Latin America with the utmost inflation rate. Aside from this, Costa Rica is lacking in maintenance and investments for new infrastructure, a majority of their people are still below the poverty line and are unemployed. Even so, their economy grew to a near 5% last year.

Tourism in Costa Rica 

Costa Rica currently stands as the most frequently visited country in Central America. They fair well in the tourism industry because of their Ecotourism and Sex Tourism. Their ecotourism advantage goes to their beautiful protected areas, exotic beaches and national parks. For sex tourism, it is a sad fact that Costa Rica is acclaimed as a nationalized destination of sex tourists. This is because prostitution is legalized and prevalent in their country.

Although they are blessed with extensive fertile lands, beautiful beaches and tropical climate, their infrastructure still needs a lot of work. Majority of the country’s land are only accessible by roads. These roads are in major disrepair and require extensive maintenance. Even their ports are continuously struggling to keep up with the growing trade. Their railroads have not functioned for years and the government is trying hard to have it reactivated. These insufficiencies are Costa Rica’s major dilemmas.

With the help of foreign investment, proper management and technology, Costa Rica will undoubtedly make its way up the market.

Cuba

Cuba’s economy is planned and state-controlled. The Cuban government oversees this even amongst major enterprises and foreign investments in Cuba. Their government is the one who handles their labor force and production. In fact, Capital investment is constrained and requires the consent of their government.

Rapid growth in tourism in Cuba has led to extensive economic and social repercussions. Since Cuba is a socialist country, tourism led to the incursion of dollars into their economy. It created a dual-type economy in the process. It fostered a financial system based on the dollar and the peso. As Cuba attained economic recovery, it removed the dollar from circulation and replaced it with the Cuban convertible peso.

Since tourism is prominently Cuba’s long-term plan for their countries development, they are continuously devoting considerable resources into this. They plan to build newer tourist facilities and renovate historic structures.

Dominica

The economy of Dominica is primarily based in their Banana production, with Bananas as their principal crop. With agriculture as their main market, their country is greatly susceptible to climatic situations like tropical storms and volcanic eruptions.

Recently, Dominica entered into the offshore financial services-based market. Tourism in Dominica is a bit slow compared to neighboring islands because of their volcanoes and their small number of beaches. Aside from this, they still need to improve their rugged coastline and develop an international airport, to bolster their tourism industry.

EcoTourism in Dominica 

Even so, their ecotourism is still a rising industry with their other major attractions. These would be their rain forests, rugged mountains, freshwater lakes, water falls, hot springs, and diving spots. In fact, with the expansion of modern waterfront and docking facilities, cruise ships have amplified their stopover at Dominica.

Dominican Republic

Dominican Republic is a developing country reliant on trade, agriculture, tourism and services. They are considered an upper-middle income country. Their fastest-developing export sectors would be their tourism and Free Trade Zone income. The funds they receive are used for their essential household needs like, food, shelter, clothing, education and healthcare.

One of their major dilemmas would be their problem with their electricity sector. Aside from this, growth in their economy depreciated as an effect of major bank frauds handled by the government, plus the low demand for Dominican manufacturers. Other situations Dominican Republic currently faces would be their infrastructure problems, low collection rates, theft and corruption.

Nevertheless, with their beautiful beaches and promising landscapes, Dominican Republic is still a favorable tourist destination. More and more tourists have discovered the beauty of this paradise. Prices of land there are still cheap since it has started with their land developments only recently.  

El Salvador

The economy of El Salvador is somewhat mixed. This resulted with the government’s dedication to their free market with goals to improve and privatize their banking system, public pensions, telecommunications, and electrical generation among others.

One big problem that El Salvador faces would be the unequal distribution of their income. Yet, a shift to the actual dollar paved a trend to lower the interest rates in El Salvador. This enabled a lot of its residents to secure a credit in buying a car and a house.

The Importance of Coffee 

Thus, El Salvador also claims to have a mono exporter economy. This would mean that their economy is heavily dependent on only one variety of export – coffee.

It is a fact that coffee requires high lands to grow in. This led to the use of their indigenous reserves for their coffee plantations. These lands are either given by the government freely or sold very cheap to coffee cultivators. Sad to say, no compensation was given to the indigenous people, in exchange for their land.

Tourism 

Tourism is still the next possibility for El Salvador. Deficiencies in infrastructure, widespread crime rates, natural calamities, and insufficient social capital are their major setbacks for the possibility of growth in tourism in their country.

Natural Calamities 

When a few major natural disasters hit their country a few years back, it left more than half of their population homeless and jobless. El Salvador’s government sought the assistance of international governments and institutions.

These institutions provided a religious aid for the modernization and reconstruction of El Salvador’s infrastructures. They also used this aid to develop their ports. Although it is already under reconstruction, it may still consume years before it gets completed.

Grenada

The economy of Grenada is small, open and tourism-based. From agriculture, it shifted its way to services. This made tourism as their leading foreign exchange earning sector.

Grenada is known as the world’s 2nd largest nutmeg producer.

Recovery from Natural Calamities 

As a country hit by natural calamities like hurricanes, reconstruction of their facilities was generously aided by international communities. As Grenada experience a point of recovery and reconstruction, the government continuous to ponder on their large debts and financial gaps.

Up to now, they are still rebuilding the damages done by previous major hurricanes that hit their country. It severely damaged their tree crops and infrastructures.  Of course, this would really take years to work on.

Even so, with the support of the Eastern Caribbean Regions, Grenada will eventually enhance its competitiveness in the economic market.

Guatemala

The economy of Guatemala is positioned and has high hopes of achieving fast economic growth. This was their goal ever since they signed a Peace Accord last 1996.

Currently, it is the private sector who upholds most of their economical aspect. Agriculture, export of textiles, manufacturing and tourism      their market.

Most of their public utilities are already privatized. This means that their airport, ports among others are handled by other financial institutions.

Poverty, Their Greatest Setback 

Most of their population still thrives in poverty. They are also still lacking in infrastructure, especially in telecommunications, electricity sectors and transportation. This is amidst the fact that these sectors are already privatized.

Although Guatemala faces these setbacks and others - like the increasing number of crime, illiteracy, the low degree of education and their undersized market, these above mentioned financial institutions are making ways to reform Guatemala’s problems.

Haiti

Along the Western hemisphere, Haiti is considered the poorest country. Amidst this renowned fact, they are currently developing and growing. Like all underdeveloped nations, their goal is to achieve economic growth.

Agriculture is their major source of livelihood. Their biggest problem would come from natural disasters that frequent their country due to massive deforestation of their lands.

Major Setbacks 

Kidnapping instances are actually increasing in number in Haiti. Even so, in the whole Caribbean, they are still estimated with the lowest murder rate. Most of which happens in their Capital and rural provinces.

They are currently trying to improve these situations, as well as their economy, with the aid of the US, Cuba and Venezuela. This is also thru the International Monetary Fund.

The setbacks Haiti encounters would be their need for more foreign investors, their very high underemployment and unemployment rates. Also, the increase of commercial bank loans for small to medium range entrepreneurs - mostly with the agricultural sector, led to more sufferings and decline in the economy.

The importance of Tourism 

Tourism in Haiti is very limited. In fact, only one port located in their northern coast is acclaiming popularity. This is because it is owned by the Royal Caribbean International.

This port is located in Labadee, Haiti. The area is segregated from the rest of the country by a structured fence. Although cruise liners anchor here, tourists and passengers are not informed that they are already in Haiti.

Other attractions include their Haitian Flea Market, traditional dances, water parks and exotic beaches with water sports activities.  Hence, the moderately rising tourist industry of Haiti can be generally influenced by their rich history and culture.