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Critically Assess the Characteristics of Openness and Small Size to Caribbean Economies

In: Business and Management

Submitted By shadil
Words 806
Pages 4
A small state can be defined as a country which has a domestic population of below 1.5 million as stated by the World Bank and the Caribbean is a classic example of a cluster of these said small states. Although the Caribbean small states are diverse in nature and characteristics of culture and society, they all embody similar structural characteristics which impede on their ability to reach the level of economic development of large territories. These characteristics include but are not limited to: Small size and Openness.
Small states are not only small in land mass and geographical structure but small in terms of population. This is a constraint that hinders development in numerous ways. Firstly, the small land mass limits the availability of natural resources. As known, natural resources are heavily depended on in Caribbean territories to generate foreign currency. This foreign currency is then used to finance external debt and domestic government expenses. Without the abundance of enough natural resources like land, minerals and agriculture the country’s capacity to generate foreign currency dwindles and hampers economic development.
The geography of the small islands emphasizes its vulnerability to natural disasters. The small Caribbean states are made up of volcanoes, located above the Caribbean and South American tectonic plates and located between 0-23o Latitude North where hurricanes are most dominant. All of these factors contribute to the Caribbean’s susceptibility of natural disasters. Natural disasters wipe out natural disasters and create economic havoc and instability which is not regulated until the long run. Natural disasters also decreases investor confidence because there is little guarantee for renewal and continuation of the resources as they could be easily diminished by these phenomena. Both of these occurrences have negative impacts on the…...

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