Barbados

Barbados is an island nation located towards the east of the Caribbean Sea and in the west of the Atlantic Ocean, part of the eastern islands of the Lesser Antilles, with the nations of Saint Lucia and Saint Vincent and the Grenadines being its closest neighbors. The island is 430 km2 (166 square miles), and is primarily low-lying, with some higher areas in the island's interior. It is located 13º north of the Equator and 59º west of the Prime Meridian, about 434.5 km (270 miles) northeast of Venezuela.

Economy

Historically, the economy of Barbados had been dependent on sugarcane cultivation and related activities, but production in recent years has been diversified into the manufacturing and tourism sectors. Offshore finance and information services have become increasingly important foreign exchange earners, and there is also a healthy interest into the island's light manufacturing sector. In the last ten years the Government has been seen as business-friendly and economically sound. Since the late 1990's the island has seen an increasing construction boom, the island began to see new hotels, redevelopments, new homes, office complexes, condos, and mansions being developed across the island.

Related Topics:
Sugarcane - Manufacturing - Tourism

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The government continues its efforts to reduce unemployment, encourage direct foreign investment, and privatize remaining state-owned enterprises. Unemployment has been reduced from high levels of around 14 percent in the past to under 10%.

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The economy contracted in 2001 and 2002 due to slowdowns in tourism, consumer spending and the impact of the September 11, 2001 attacks, but the economy rebounded in 2003 and showed growth for 2004. Traditional trading partners include Canada, the Caribbean Community (especially Trinidad and Tobago), the United Kingdom, and the United States.

Related Topics:
2001 - 2002 - September 11, 2001 attacks - 2003 - 2004 - Canada - Caribbean Community - Trinidad and Tobago - United Kingdom - United States

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Business links and investment flows have become substantial, as of 2003 the island saw from Canada CAN$25 Billion in investment holdings, placing it as one of Canada's top five destinations of Canadian Foreign Direct Investment (FDI). Canadian Outward Foreign Direct Investment to the World. Businessman Eugene Melnyk of Toronto in Ontario, Canada is said to be Barbados' richest permanent resident.

Related Topics:
Canada - Foreign Direct Investment - Eugene Melnyk - Toronto - Ontario

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In 2004 it was announced that Barbados' Kensington Oval will be one of the final venues hosting the 2007 Cricket World Cup.

Related Topics:
Kensington Oval - 2007 Cricket World Cup

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