The Caribbean Economy: An Overview

Abstract

The United Nations Human Development Report (2007/2008) lists the countries of the Caribbean Community and Common Market (CARICOM) as having medium to high human development with their human development index (HDI) ranging from 31 for Barbados to 146 for Haiti out of a total of 177 countries. The range in per capita gross domestic product (GDP) is just as wide, from $500 for Haiti to $17,497 for the Bahamas (table 1.1). Despite the wide variations in the level of development, the region has many common characteristics. Among them are small domestic markets, dependence on foreign trade and foreign capital, and a narrow export base. They also share a common history as European colonies, with Haiti having the distinction of being the first slave colony to fight and win its independence from its colonial master, France.