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

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The services sector contributes more than 75 percent to Panama’s GDP. The industrial sector accounts forapproximately 15 percent of GDP, and the agricultural sector accounts for less than 10 percent. The servicessector is also the largest source of formal employment. Services-related activities include Panama Canaloperations, banking, the Colon Free Zone, insurance, container ports, flagship registry, tourism, and medicaland health care services. In October 2006, the Panamanian people approved plans to expand the PanamaCanal, which will be funded in part by public debt. The $5.25 billion expansion, expected to be completedin 2014–15, will allow the canal to accommodate larger ships and could potentially double the canal’scapacity. Although the government has been promoting the tourism sector, expansion of the sector has beenhindered by lack of adequate infrastructure. Nevertheless, Panama has witnessed an increase in tourists asits popularity as a retirement destination has increased.The manufacturing sector is relatively small. The main manufacturing sectors are agro-industrial (e.g., sugar,coffee, milk, tomatoes, and brewing). Light manufacturing activities include clothing, household goods,chemicals, cement and other construction materials, and paper products. Relatively high labor costs hamperdevelopment of labor-intensive, export-oriented manufacturing activities such as a garment industry.The agricultural sector, including livestock and fisheries, contributes very little to GDP, but employs between15 and 20 percent of the labor force. The main agricultural products are tropical fruit and bananas, rice, corn,coffee, sugarcane, vegetables, livestock (bovine cattle, goats, swine), poultry, and shrimp. Banana productionhas declined as a result of increasing competition from more productive producers in the region. Traditionalsubsectors, such as bananas and coffee, tend to suffer from low productivity and declining internationalcompetitiveness, whereas emerging agricultural industries, such as melons, pineapple, and livestock, tendto exhibit higher levels of productivity and international competitiveness. Recent increases in agriculturaloutput have been driven by these nontraditional sectors. The export of tuna and shrimp is also an importantpart of the sector. Natural resources include copper, mahogany forests, shrimp, and hydropower. Althoughthere has been relatively little development of copper and gold deposits, recent record commodity prices havecontributed to increased interest in developing these sectors.Panama’s domestic and international telecommunications facilities are well developed, and it is consideredto have the highest level of communications infrastructure in Central and South America, including theCaribbean. Tocumen International Airport is the main airport and serves as a regional hub. It is also thelargest center for express freight operators in Central America. In July 2004, the airport received a $70million to upgrade its facilities (box 4.5).4-102
International Integration 4Sources: WITS; DataWeb. See appendix D for sources and definitions.Note: Values are based on partner countries’ data, and represent gross figures.Source: World Development Indicators. See appendix D for sourcesand definitions.Source: World Development Indicators. See appendix D forsources and definitions.4See chap. 2 for country membership in international and regional institutions.4-103
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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
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changes specifically in U.S. policy
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Using country-level data, researche
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Reinhardt. 24 The authors find that
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CBTPA programs. Table 3.1 presents
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exports fluctuated within a range o
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promising for all countries covered
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infrastructure, macroeconomic stabi
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exporters have also been affected b
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Policies identified in the literatu
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outside of the domestic market.”
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infrastructure, the 2005 World Bank
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companies.” 99 The islands provid
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government, provide another opportu
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(CDS), was established in 1983 to p
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Policies identified in the literatu
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that, in the early 1990s, Caribbean
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policies discussed in earlier secti
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Caribbean government officials. 159
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These experiences suggest that supp
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which can generate more internation
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Dean, Judith M., and John Wainio.
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Josling, Tim. “Trade Policy in Sm
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———. Textiles and Apparel: Ef
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CHAPTER 4Current Level of Caribbean
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ANTIGUA & BARBUDAEconomic and Socia
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has been an employer of last resort
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International Integration 4Sources:
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improve its overall financial posit
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Aruba: Selected social development
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elated services, such as conference
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SourcesCaribbean-Central American A
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The Bahamas: Selected social develo
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In addition to its beaches that cou
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investment in the services sector,
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Barbados: Selected social developme
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The main agricultural products are
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$418 million. The main products imp
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Belize: Selected social development
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and is one of the fastest-growing i
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Belize: Selected international inte
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BRITISH VIRGIN ISLANDSEconomic and
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Domestic EconomyBritish Virgin Isla
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Data are unavailablefrom sourceData
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USITC. DataWeb (data compiled from
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Dominica: Selected social developme
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mainland or Europe, impede developm
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Dominica: Selected international in
Page 175 and 176: Economic and Social Development 1GR
Page 177: Grenada’s ongoing poverty eradica
Page 180 and 181: As Grenada’s economy has become i
Page 183 and 184: Economic and Social Development 1GU
Page 185 and 186: income average. The government has
Page 187 and 188: International Integration 3Sources:
Page 189 and 190: Box 4.1 Bauxite Industry in Guyana:
Page 191 and 192: Economic and Social Development 1HA
Page 193 and 194: poor nutrition and inadequate acces
Page 197 and 198: Box 4.2 Apparel Industry in Haiti:
Page 199 and 200: Economic and Social Development 1JA
Page 201 and 202: Hurricane Dean caused significant d
Page 203 and 204: Source: World Development Indicator
Page 205 and 206: Box 4.4 Film Production Outsourcing
Page 207 and 208: MONTSERRATEconomic and Social Devel
Page 209 and 210: constraint to the country’s futur
Page 211 and 212: International Integration 2Source:
Page 213: CIA. “The World Factbook: Montser
Page 216 and 217: Netherlands Antilles: Selected soci
Page 218 and 219: services industry is an important s
Page 220 and 221: Netherlands is a major source of FD
Page 222 and 223: Panama: Selected social development
Page 226 and 227: Panama: Selected international inte
Page 228 and 229: SourcesCaribbean-Central American A
Page 230 and 231: St. Kitts & Nevis: Selected social
Page 232 and 233: government closed the state-run sug
Page 234 and 235: St. Kitts & Nevis: Selected interna
Page 236 and 237: U.S. Department of State. “Backgr
Page 238 and 239: St. Lucia: Selected social developm
Page 240 and 241: St. Lucia’s main service industri
Page 242 and 243: St. Lucia: Selected international i
Page 244 and 245: ———. St. Lucia: 2005 Article
Page 246 and 247: Vincent & the Grenadines: Selected
Page 248 and 249: 3the islands’ adherence to the
Page 250 and 251: Total goods and services trade was
Page 253 and 254: TRINIDAD & TOBAGOEconomic and Socia
Page 255 and 256: development” category. Since 1990
Page 259 and 260: Trinidad and Tobago has consistentl
Page 261: Ethanol Producer Magazine. “Ethan
Page 264 and 265: He said that, in mid-2005, St. Kitt
Page 266 and 267: projects are set to come online in
Page 268 and 269: Government of Jamaica 10In testimon
Page 270 and 271: mentioned that promoting health tou
Page 272 and 273: 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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