Honduras

In Latin America, Honduras is stated as one amongst the poorest. Agriculture, with coffee and bananas, is their leading means of livelihood. But since they were stricken by hurricanes-especially by a Hurricane Mitch, they shifted to shrimp cultivation.

After the major catastrophe brought about by Hurricane Mitch, Honduras received debt relief from various countries, with the US contributing to over $400 million. Up to now, Honduras is still making the necessary reforms and adjustments to bring back what these hurricanes brought to their country.

Jamaica

The economy of Jamaica revolves around their natural resources, tourism and agriculture – mainly bananas and sugar. Although the country is experiencing enormous problems, Jamaica still shows a potential for growth.

Jamaica needs some modernization and reformation of their infrastructures. Although they are still weak in the financial aspect, with US debt obligations to also consider, their government is establishing newer grounds to raise supreme debts in the international and local financial markets. They foresee that this could help them with their current budget deficit.

Some Policies in Jamaica 

The Jamaican Government decreed some economic policies to bolster foreign investments, employment and trade with their raw materials. These economic policies are actually focused on the benefit of their investors. This includes remittance facilities, tax holidays, duty free access and free trading zones.

The remittance facilities assist foreign investors in the repatriation of funds from their originated country. Tax Holidays would mean deferring actual taxes for a specific period of time. Duty Free Access is for purchasing imported raw materials and machinery needed for certain enterprises. The free trading zones focus on light manufacturing, data entry of foreign firms and garment assembly.

Amidst these policies, Jamaica still encounters a few setbacks. Their government hopes that they can bolster their economic activity by reducing the interest rates, boosting tourism, upholding continuous privatization, reconstructing of their financial sectors, and through other productive activities.

Mexico

Mexico’s economy in the World Series is termed as the 14th largest. In Latin America, it is consistent with having the highest income in the exchange rates of their markets. They have a free market and their major livelihood is thru export.

Their economy is mixed with outmoded and modernized agriculture and industry, with the private sector as the one domineering. Although one of their major problems is poverty, their government takes this as a challenge. They eventually thought of ways to improve this by focusing on tourism for their country.

Mexico's Infrastructures 

They upgraded their infrastructure, modernized their labor laws and tax system, and they have reduced the inequality of income.  Aside from this, they have expanded their railroads, ports, electricity generation, airports, gas distribution (natural) and telecommunications.

Mexico, The Ultimate Vacation Destination 

Thus, with the development of resorts near their beautiful beaches, Tourism in Mexico started to bolster. More and more tourist found their warm tropical climate and exotic beaches conducive as a paradise get-away from the winter season. The stretch of beaches along Mexico’s coast has become a favorite vacation destination.

In fact, there are beaches in Mexico that allows optional clothing. This is one of their marketing techniques for daring and adventure-seeking individuals. These so-called nude beaches paved a trend in the beach scenario.

Mexico found a way to cater to the different age groups. There are parts of Mexico that would cater to the younger generation with their live entertainment and night life. There is also a part of Mexico that caters to the not so old generation. This would be because of their historic sights and captivating natural landscape.

In fact, through this portal, they were able to pave the way for property investments. Right now, they are selling timeshares, condos, land there for a reasonable price. Of course, the prices have increased, but it is still considered as competitively priced. This is because investments in Mexico don’t go cheaper. With the growth of Tourism in their country, their market grows with it.

Nicaragua

Nicaragua’s economy is currently making significant progress. Their country experienced some major catastrophes and natural disasters that ravaged and destroyed most of their infrastructures.

Through the reformation of their markets, privatization of their state enterprises, they were able to reduce their foreign debts. These debts were acquired mostly because of the severe damage caused by Hurricane Mitch on the last quarter of 1998.

Their Foreign Market 

International aid and foreign investments also plays a huge part in their economy’s stabilization. They also perceived economic growth through exportation of their traditional products like meat, sugar and coffee.

Even if Nicaragua thrives primarily on agriculture, their tourism industry also experienced rapid growth. Nicaragua’s tourism industry is currently their 2nd largest foreign capital resource. This also paved the way for construction boom, mostly ion their Managua area.

Some of their setbacks include poverty and a short line of bank failures. This growing number of fiscal deficits led to losing of a few of their international reserves.

Even so, Nicaragua is doing all it can to recover and continue its implementation of reforms for their country.

Panama

Panama’s economy has a mixture of the western side because of its geographic location. They are primarily based on banking, tourism, commerce and the service-based industry.

In fact, the US military installations and the canal handing over gave rise to newer construction projects in Panama.

Services in Panama 

Their well developed and accredited services sector includes their banking industry, the Panama Canal, their Free Trade Zone (Colon), container ports, insurance and flagship registry among others.

The Panama Canal is one of their remarkable service oriented sectors. Ships, Tankers who pass by their canal are required to pay a hefty sum of dollars per ton.

Although one of their major dilemmas would be poverty, they have become strong in the communications and transport sector. In fact, they are currently ranked, in the above mentioned sectors, as the highest in all of Latin America.

Saint Kitts and Nevis

Saint Kitts and Nevis economy is traditionally dependent on the processing and growing of sugar cane. Other factors that play a role for their economy would include tourism, offshore banking and manufacturing.

One problem their government faces would be the fact the Nevis is demanding to break away from Saint Kitts. Nevis claims that they are paying more taxes than receiving money for government services. The assigned committee did not approve of this break up.

Natural Calamities 

Another problem with be due to some tremendous hurricanes that devastated their country. The biggest would be Hurricane George that hit them last September of 1993. This slowed down their economy’s growth. It also caused a decline in their construction and manufacturing sector.

With the aid of new investments, they were able to regain their growth in the tourism industry. The government instituted programs that give investment incentives to businesses considering Saint Kitts or Nevis as their location.

This program encouraged foreign and domestic private investments. Their tourism industry slowly flourished and has even surpassed their sugar industry.

Saint Lucia

The economy of Saint Lucia is primarily dependent on revenues from the production of bananas, tourism and manufacturing. They are currently upgrading their ways, so they can add avocados and mangoes to their tree crop production. Aside from this, varieties of vegetables are being produced but only for their local consumption.

Infrastructure Developments 

Their revenue producer’s main objective is to support the improvements being done to their infrastructures. This would go to their roads, water supply, communications, port facilities, airport expansion and sewerage. They are also adding computers for IT and financial-based services.

These improvements to their infrastructure are the main reason why their tourism industry slowly flourished. This led to a surge of foreign investors. Among these, petroleum storage has become their largest investment.

Saint Lucia as a Tourist Destination 

Although they are constantly visited by hurricanes, they remain a favorable tourist destination. Their government even held sporting and cultural events as a means to develop their historical sites.

Saint Lucia boasts of their exquisite beaches, historical monuments and nature preserves. Cruise Liners make a stop over to Saint Lucia, carrying tourists who are continuously amazed by its natural beauty.

Saint Vincent and the Grenadines

Like other nations in North America, the economy of Saint Vincent is mainly dependent on agriculture. Banana production is their major market. Aside from this, they also have their work force and merchandise exportation industry.

Tourism in Saint Vincent and the Grenadines has also grown through the years. It has become the most important part of their economy.

The up-market yacht lovers have grown fond of the Grenadines. This has become their favorite destination. In fact, the number of actual passengers of ferry berths and cruise ships going there has remarkably increased over time.

Trinidad and Tobago

After eight long years of experiencing declines in their economy, Trinidad and Tobago has finally achieved real growth. The main objective now of their government would be to improve their investment climate.

Trinidad and Tobago’s long term growth focuses on the development of their petrochemical, metal and hydrocarbon sectors. They are still transitioning as an oil-based economy to an economy based on natural gas.

Trade and Agriculture 

Thus, they are also currently doing their best to increase their exports and to continue to diversify their services. These services would be through agriculture, manufacturing and tourism.

The strong growth of their country over the years has led to the surplus of trade.  They are experiencing high levels of import because of their industrial expansions and an increase in their consumer demands.

Even if their agriculture industry is facing stagnant growth, their transportation, construction and communications industry is the one showing positive signs of growth. Their government’s strategy relies on investments on their private sector, export-led growth, monetary and fiscal discipline.

Infrastructures 

The infrastructure of Trinidad and Tobago, on the other hand, remains adequate as per regional standards. They have even expanded their national airport. Although most of their rural districts suffer from power failures, inadequate drainage and water shortages; their cities have established paved roads and fairly reliable utilities.

At current, their government has prioritized the modernization and reformation of their infrastructure. They are especially focused on the improvement of their telephone service, rural bridges and roads, rural electrification, sewerage and drainage systems.  Cellular service and the use of internet even became accessible and widespread.

Through these improvements, Trinidad and Tobago has come a long way to achieve real growth in their economy.