Economy

The Tibet economy can be characterized as subsistence agriculture, which generally means they grow only enough crops for their survival. This is mainly because there is little arable land in Tibet and is known to have limited rainfall. Most of the areas are only suitable for grazing, and yaks are the primary livestock since they are capable of enduring intense cold. Most Tibetans rely on income in handicrafts that are popular tourists souvenir items. Although there is substantial number of tourists who visit the country annually, it is still not enough to help the ailing Tibet economy.

According to the national records, there are approximately 210,000 Tibetans who are living in poverty, representing around 9.8 percent of its total population. A National Poverty Relief Program was organized to address the growing food and clothing problems, and better equip Tibetans to wrestle poverty. The said program had helped considerably with the combined efforts from both the government and some private sectors.

Demographically, the Tibetans who are wallowing in poverty are mostly concentrated in the northern side of the Himalayas, the central section of Tibet and across the Hengduan Mountain Range east of Tibet. Due to the severe weather conditions, it is not conducive for living and production. However, the land is rich in mineral resources, with large deposits of gold, lead and arsenic. There are also reserves of several minerals and ores, which can mostly be found in the western banks of the Mekong River. Hopefully, Tibetans can take advantage of its natural resources to help alleviate poverty.

In the recent years, Tibet economy has slowly risen with the boom of the tourism as its pillar industry, generating 600 million yuan annually. There are thousands of tourists, pilgrims and scholars from across the globe visiting the country every year. China’s efforts to speed up the development of the western regions of China have also contributed greatly in boosting the Tibet economy. Based on the Tenth Five-Year Plan, the government expected an economic growth of 12 percent per annum. Since the decision to officially open the country to the outside world, there have been significant developments in almost all aspects of Tibetan economy. The statistics show a more promising future for Tibetans. But it is still a very long way to go before gaining a truly sustainable economic development. Until then, Tibetans continue to make do with their meager incomes and hope for more positive events in the future.

Popularly known as Panama, the Republic of Panama is located in the southern part of Central America. It is a transcontinental country that is part of a natural land bridge that connects the two continents, namely North America and South America. The economy of panama is service based, which means that the economy of Panama heavily invests on the field of banking, commerce and tourism; mainly because of the key topography position of the Republic of Panama.

The foundation of the economy of Panama relies mostly on its well developed service sector. The whole service sector of the economy of Panama represents three-fourths of Panama’s Gross Domestic Products.  Gross Domestic Product is one of the several gauges of that indicate the size of a region’s economy. The well developed service sector of the economy of Panama include the Panama Canal, banking sector, the Colon Free Zone, insurance sector, container ports, flagship registry and the tourism industry.

However, the dropping of the Colon Free Zone and agricultural exports held back the growth of the economy of Panama way back in the year 2000. Not to mention the high oil price hike, and of course, the withdrawal of the military forces of the United States of America. The Gross Domestic Product (or GDP) growth of the economy of Panama on that same year was only about 2.3%, a lot lower compared to its GDP growth in 1999 which was 3.0%. On the other hand, on 2001, the government of Panama has planned additional public works programs, tax reforms, and further agreements regarding its regional trade with the intention of stimulating the growth of the economy of Panama.

The hand over of the Panama Canal and the military installations by the United States of America has paved way to some new construction projects by the Panama government and the private sector of Panama. Despite the fact that Panama has the highest GDP per capita in Central America, almost half of its population or almost 40 percent lives in poverty. The unemployment rate of the Republic of Panama surpassed 14% last 2002. The recent administration of the government of Panama has a more structurally stable and liberalized administration, compared to its predecessor.

The “purchasing power parity” of the GDP of the economy of Panama has an estimated 18.78 billion dollars by 2003 and the GDP real growth rate has increased to 4.1% on 2003. The GDP of the economy of Panama is composed of: 8.3% by the agriculture sector, 14.7% by the industry sector and 77.1% in the services sector. Their inflation rate by the year 2003 was 1.4%. Also its labor force is composed of 20.8% in agriculture, 18% in industry, and 61.2% on the services sector.

Over the years, the Bahamas economy heavily relied on its geography and location. Its complicated group of islands as well as its position being close to the America turned it to be ideal for smugglers and pirates during the period of the formative years of the archipelago.

The earliest cultures to reside in the island of Bahamas were the native Lucayans, and then come the Eleutheran Puritan Adventurers. To survive and sustain, they had to lean on their possessed craft and farming skills. In the era of 1600s until 1700s, privateers and pirates flooded the waters throughout the island. The ships boarded by famous figures like Calico Jack, Sir Henry Morgan and Blackbeard stole tons of silver, gold and goods coming from trade ships in the area. Blackbeard solely was alleged to have looted 40 ships.

On the other hand, loyalists who run off the territorial waters for the island of the Bahamas brought shipbuilding and farming skills to the archipelago. The piracy problem had already been contained yet smuggling turned as a chief economic help for the Bahamas and the Nassau. There was also a sponge-harvesting industry yet it weakened shortly when the Prohibition period ended in 1934.

The Bahamas economy saw huge and major advantages when the American visitors were forbidden from going to Cuba in the year 1961. They could not take short trips to Cuba anymore so tourists would hop short flights from Miami to one of the Bahamas’ islands. Until such, cruise ship services in Nasau improved while hotels and other facilities for the tourists were progressively modernized and built up.

Presently, the Bahamas tourism gives about 60 percent of the archipelago’s total GDP. Tourism-related employments are employed to approximately 50 percent of the country’s workforce. There is also a strong monetary sector of the Bahamas. Their primary exports include rum, pharmaceuticals, as well as refined petroleum goods. The Bahamian currency, which is in dollar, is the same as the dollar of the United States.

Typically, the Bahamas economy follows the patterns that of the United States. And similar to other nations of the Caribbean, the Bahamas economy is heavily boosted through their tourism, which gives income and valuable jobs to the Bahamians.

Self-sufficiency has become a significant attitude that the Caribbean governments believed every island must have; yet, the Bahamas is also encouraging e-commerce system as the newest Bahamas economy development step.

The oil industry is considered the backbone of Dubai economy, which experienced rapid growth when oil was discovered here in the 1960s. Since the oil discovery in the emirate, Dubai economy developed with such diversity that today the oil industry accounts for less than a tenth of the gross domestic product of Dubai.

At present, Dubai economy has a thriving tourism, finance, IT and manufacturing industries. Dubai is also been a preferred destination of many large multinational enterprises that are seeking to open international branches. Among the companies operating in its shores are General Motors, IBM, Sony and Shell.

Dubai economy was worth more than US 40 billion dollars in 2006. The oil sector produces 240,000 bpd (barrels per day). It generates 2 percent of the revenue of the UAE in natural gas. The oil reserves of Dubai have been significantly reduced and experts believe that they will be exhausted in two decades.

The Dubai Creek played a major role in Dubai economy. Its port was crucial to the business of Western merchants and manufacturers. In fact today, many of the new financial and banking establishments are based in the harbor area. The role of Dubai as an important port of trade was maintained throughout the decades. Dubai economy also boasts of a free trade in the precious commodity of gold, making it a major hub of gold jewelry.

IT and financial service industries are also fast-developing in the city, especially with the founding of the Dubai International Financial Centre (DIFC). All of the major global accountancy firms as well as dozens of international banks have operations in Dubai. Additionally, the Dubai government has established free zones for specific industries all across the city such as the Dubai Internet City and the Dubai Media City, which include in its list of members many of the world leading IT and media companies such ash Microsoft, Oracle, CNN and Reuters.

The manufacturing sector of the Dubai economy is likewise experiencing great developments. The largest businesses belong to pharmaceutical companies, paper, rubber and beverage manufacturers and chemical companies.

Since the construction of the Jebel Ali port, tourism has become one of the gems of Dubai economy. Over the last decade, there has been a significant increase in tourists, mainly from Europe. The Dubai government is working to draw 10 million visitors annually by the year 2010. In this effort, considerable investments are currently being made for further infrastructure development in the city.

Like any other nation, Barbados also has its own share of economic fluctuations. A quick peek in its history, Barbados economy was greatly dependent on the sugar production way back in the 17 century. Up until now, sugar is considered to be a major foreign exchange earner. However, with the discovery of this enchanting island as a prime tourist hotspot, greater dependence is currently being placed on its booming tourism. Suffice it to say that influx of droves of tourist every year became the lifeblood of the Barbados economy.

To date, Barbados is steadily experiencing economic growth and development along with major diversifications right after World War II. This can be clearly evident in the fact that the Barbados economy has practically outdone all other Windward Islands. Along with the meteoric growth in its tourism industry, the manufacturing sector is not to be left behind. Large manufacturing firms are largely responsible for the decrease in unemployment rate and elevated the standard of living from those of the third world countries to the middle-income nations.

If we will diligently trace back Barbados economic history, its impressive success can be greatly attributed to several factors. One of which is the fact that the island has stoically established the reputation of having a model perfect stability both politically and socially. This attracted large public and private foreign investors to invest, like eager swarms of bees. Aside from this the government of Barbados was also responsible for assisting major infrastructural developments that are required in the expansion of its economy, putting much focus on providing a sound and remarkable education system.

However, the Barbados economy also experienced sporadic decline, especially in the 1980s. Major reasons of such fluctuations can be largely characteristics innate of Caribbean economies such as displays of inadequate resource base and of putting heavy dependence on the foreign markets. Much of the Barbados economic setback was merely a part of the worldwide recession every nation experienced from 1981-1983. However, not one to meekly accept defeat, the government actively started pursuing some effective economic policies on growth based on the diversified foreign market and along a healthy cautious combination of efficient management of private and public resources.

Although in the larger scheme of things, the Barbados economy can be categorized as ’small’, mainly because of its incapability to influence pricing trade charges, still the nation is definitely considered to be a thriving country. The charming island is not simply all warm sun and clear water, behind its picturesque façade is a colorful and rich history waiting for you to unfold.