Caribbean Region: Review of Economic Growth and ... - USITC

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Antigua & Barbuda: Selected social development indicatorsMRY(2000–07)Middleincomeaverage,2006Population (thousands, 2006) 84 32,183Population below poverty line (%) na naPoverty headcount ratio at $1 perday (PPP, % of population)nanaLife expectancy at birth, 2002 75 70Literacy rate, total (%, 2003) 86 90Population with access toimproved sanitation facilities (%,2004)Population with access toimproved water source (%, 2004)95 6291 83Data areunavailablefrom sourceSources: World Development Indicators; CIA World Factbook.See appendix D for sources and definitions.Note: MRY=most recent year for which data are available; na= “not available.”Source: World Development Indicators. See appendix D forsources and definitions.Note: MIA = Middle income average for 2005.Antigua and Barbuda is classified by the World Bank as a high-income economy. It is a small, open, servicesbasedeconomy based largely on tourism and offshore financial services on its two islands. Driven by aconstruction and investment boom during the run-up to the March–April 2007 Cricket World Cup, for whichAntigua and Barbuda was one of the host countries, GDP growth surged to 8 percent in 2006. Economicactivity was boosted by a number of associated public works projects, including construction of a newstadium, hotels, and housing; road works projects; airport rehabilitation; and other infrastructureimprovements. Growth is expected to return to more moderate pre-World Cup levels during 2008, and thegovernment’s economic priority is to achieve a “soft landing” as the economy readjusts to lower governmentspending, lower prices, and reduced employment demand. In recent years, the government of Antigua andBarbuda has sought to diversify the country’s economy by encouraging growth in areas includingtransportation, communications, financial services, and Internet gambling.Social indicators for Antigua and Barbuda are comparable to or exceed those of other countries in the region.Antigua and Barbuda’s per capita income of $14,251 in 2006 ranks as the highest among the OECS countries.Antigua and Barbuda ranked 57th out of 177 countries on the United Nations 2007–08 human development2index, placing Antigua and Barbuda in the “high human development” category of countries. Antigua andBarbuda’s poverty rate is low in comparison with the Caribbean region. A 2005 World Bank report estimatedthe poverty rate at 12 percent (most recent survey available) and unemployment at less than 10 percent. 2006and 2007 budget priorities for the government of Antigua and Barbuda included increased expenditure onhealth care facilities (with assistance from a grant from China), public schools and school meals programs,and poverty reduction and social programs targeted for elder care and for youth crime prevention and crimedeterrence.A high debt-service burden and large share of domestic payments for wages and salaries in governmentexpenditures are the most significant challenges for the economy of Antigua and Barbuda. The public sector2See app. D for a definition of the human development index.4-4
has been an employer of last resort, with the result that about 40 percent of the labor force of Antigua andBarbuda is employed in the public sector and 60 percent of government revenues go to paying wages, leavinglittle funding available for other expenditures.Domestic EconomyAntigua & Barbuda: Selected domestic economy indicatorsMRY(2000–07)Middleincomeaverage,2006Inflation (%, 2005) 2.1 4.3Labor force participation rate,total (%)Gross fixed capital formation (%of GDP, 2002)Agricultural land (% of land area,2007)na 7330 2532 35Irrigated land (% of cropland) na 18Fixed line and mobile phonesubscribers (per 1,000 people,2004)1,130 587Number of ports and terminals,20071 naPaved roads (% of total, 2007) 33 naCategory 1 and 2 airports, 2007 1 naSources: World Development Indicators; CDB AnnualEconomic Review 2006; CIA World Factbook. See appendixD for sources and definitions.Source: CIA World Factbook. See appendix D for sources anddefinitions. Data for most recent year available from source.Note: GDP composition based on 2002 estimate. Labor forcedata based on 1991 data; labor force composition data basedon 1983 data.Note: MRY=most recent year for which data are available; na= “not available.”The primary component of Antigua and Barbuda’s economy is services, accounting for approximately 75percent of GDP. The services sector is dominated by tourism (transportation and travel services) andfinancial services (banking and reinsurance). Financial services accounted for 9 percent of GDP in 2005. Theconstruction sector also has grown in recent years as a result of a number of public- and private-sectorprojects. In addition to national output, the services sector is also the largest source of employment in thedomestic economy.Tourism is one of the key revenue-earning sectors for Antigua and Barbuda and is one of the most importantareas driving FDI in the country. Tourism accounts for an estimated 28 percent of employment, 48 percentof export earnings, and 51 percent of total investments in Antigua and Barbuda. Recent improvements in thissector include the 2003 completion of a cruise ship complex at St. John’s Harbor and the 2006 establishmentof the Antigua and Barbuda Hospitality Training Institute to supply trained personnel to service this sector.Antigua also is host to a world-class alcohol and drug addiction treatment center.4-5
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TABLE OF CONTENTSPagePreface ......
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TABLE OF CONTENTS-ContinuedChapter
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List of Frequently Used Abbreviatio
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PPPPRGFSDRSMESPSTASCTEUTIEATIFATRQU
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the Netherlands Antilles, accounted
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most influence investment in the re
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Expanding to Higher-Skill-Intensive
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Focusing on Unique Strategic Advant
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U.S.A.CubaBahamasMap of the Caribbe
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Table 1.1 Summary of CBERA preferen
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13under the same rules of origin ap
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training, orientation visits, and b
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domestic population growth pressure
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Figure 2.2 GDP, most recent year, 2
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Figure 2.3 GDP per capita, PPP, mos
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Table 2.1 Selected CBERA countries:
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Box 2.1 Mobile Telephone Industry i
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Table 2.4 Goods and services trade
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Table 2.6 U.S. merchandise imports
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aTable 2.7 Leading U.S. merchandise
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aTable 2.9 Leading U.S. merchandise
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Extent of Utilization of CBERA Pref
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Table 2.12 U.S. imports of apparel
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important trend in the region is th
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GDP in CBERA countries. When the tw
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percent of GDP; this low figure con
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firms from scrutiny, non-transparen
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and Trinidad and Tobago (the only c
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Table 2.17 World Bank IBRD and IDA
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Table 2.19 Caribbean Development Ba
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Table 2.20 Membership of covered CB
Page 76 and 77: changes specifically in U.S. policy
Page 78 and 79: Using country-level data, researche
Page 80 and 81: Reinhardt. 24 The authors find that
Page 82 and 83: CBTPA programs. Table 3.1 presents
Page 84 and 85: exports fluctuated within a range o
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Page 88 and 89: infrastructure, macroeconomic stabi
Page 90 and 91: exporters have also been affected b
Page 92 and 93: Policies identified in the literatu
Page 94 and 95: outside of the domestic market.”
Page 96 and 97: infrastructure, the 2005 World Bank
Page 98 and 99: companies.” 99 The islands provid
Page 100 and 101: government, provide another opportu
Page 102 and 103: (CDS), was established in 1983 to p
Page 104 and 105: Policies identified in the literatu
Page 106 and 107: that, in the early 1990s, Caribbean
Page 108 and 109: policies discussed in earlier secti
Page 110 and 111: Caribbean government officials. 159
Page 112 and 113: These experiences suggest that supp
Page 114 and 115: which can generate more internation
Page 116 and 117: Dean, Judith M., and John Wainio.
Page 118 and 119: Josling, Tim. “Trade Policy in Sm
Page 120 and 121: ———. Textiles and Apparel: Ef
Page 123 and 124: CHAPTER 4Current Level of Caribbean
Page 125: ANTIGUA & BARBUDAEconomic and Socia
Page 129 and 130: International Integration 4Sources:
Page 131: improve its overall financial posit
Page 134 and 135: Aruba: Selected social development
Page 136 and 137: elated services, such as conference
Page 138 and 139: SourcesCaribbean-Central American A
Page 140 and 141: The Bahamas: Selected social develo
Page 142 and 143: In addition to its beaches that cou
Page 144 and 145: investment in the services sector,
Page 146 and 147: Barbados: Selected social developme
Page 148 and 149: The main agricultural products are
Page 150 and 151: $418 million. The main products imp
Page 152 and 153: Belize: Selected social development
Page 154 and 155: and is one of the fastest-growing i
Page 156 and 157: Belize: Selected international inte
Page 159 and 160: BRITISH VIRGIN ISLANDSEconomic and
Page 161 and 162: Domestic EconomyBritish Virgin Isla
Page 163 and 164: Data are unavailablefrom sourceData
Page 165: USITC. DataWeb (data compiled from
Page 168 and 169: Dominica: Selected social developme
Page 170 and 171: mainland or Europe, impede developm
Page 172 and 173: Dominica: Selected international in
Page 175 and 176: Economic and Social Development 1GR
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Grenada’s ongoing poverty eradica
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As Grenada’s economy has become i
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Economic and Social Development 1GU
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income average. The government has
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International Integration 3Sources:
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Box 4.1 Bauxite Industry in Guyana:
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Economic and Social Development 1HA
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poor nutrition and inadequate acces
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Box 4.2 Apparel Industry in Haiti:
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Economic and Social Development 1JA
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Hurricane Dean caused significant d
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Source: World Development Indicator
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Box 4.4 Film Production Outsourcing
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MONTSERRATEconomic and Social Devel
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constraint to the country’s futur
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International Integration 2Source:
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CIA. “The World Factbook: Montser
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Netherlands Antilles: Selected soci
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services industry is an important s
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Netherlands is a major source of FD
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Panama: Selected social development
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The services sector contributes mor
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Panama: Selected international inte
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SourcesCaribbean-Central American A
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St. Kitts & Nevis: Selected social
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government closed the state-run sug
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St. Kitts & Nevis: Selected interna
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U.S. Department of State. “Backgr
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St. Lucia: Selected social developm
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St. Lucia’s main service industri
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St. Lucia: Selected international i
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———. St. Lucia: 2005 Article
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Vincent & the Grenadines: Selected
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3the islands’ adherence to the
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Total goods and services trade was
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TRINIDAD & TOBAGOEconomic and Socia
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development” category. Since 1990
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Trinidad and Tobago has consistentl
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Ethanol Producer Magazine. “Ethan
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He said that, in mid-2005, St. Kitt
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projects are set to come online in
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Government of Jamaica 10In testimon
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mentioned that promoting health tou
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economies have become increasingly
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Caribbean-Central American Action (
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and that CBERA benefits are limited
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She added that “a failure to full
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APPENDIX ARequest Letter from Commi
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11/07/2UU'113: 45 P'Ua uu3The Honor
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I I / V I / L U U I 15;40 P M......
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71432 Federal Register / Vol. 72, N
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71434 Federal Register / Vol. 72, N
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CALENDAR OF PUBLIC HEARINGThose lis
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ORGANIZATION AND WITNESS:Halcrow, I
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APPENDIX DCountry Profiles Tables a
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Table D.1 Country Profiles Tables a
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Table D.1-ContinuedTable or figuren
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APPENDIX EMerchandise Trade Tables
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Table E.2 Leading U.S. imports unde
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APPENDIX FDevelopment Tables
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Table F.2 Selected examples of rece
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Table F.2-ContinuedCountryPanama-Co
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