|Posted on March 28, 2013 at 7:00 AM|
What does the following quote tells us?:
"Barbados is the wealthiest and most developed country in the Eastern Caribbean and enjoys one of the highest per capita incomes in Latin America. Historically, the Barbadian economy was dependent on sugarcane cultivation and related activities. However, in recent years the economy has diversified into light industry and tourism with about four-fifths of GDP and of exports being attributed to services. Offshore finance and information services are important foreign exchange earners and thrive from having the same time zone as eastern US financial centers and a relatively highly educated workforce. Barbados' tourism, financial services, and construction industries have been hard hit since the onset of the global economic crisis in 2008, which caused the economy to contract 4% in 2009 and grow below 1% annually since 2010. Barbados' public debt-to-GDP ratio rose to from 56% in 2008 to 83% in 2012." (https://www.cia.gov/library/publications/the-world-factbook/geos/bb.html, Accessed on 27 March 2013)
It doe not only tell that Barbados is totally integrated into the global economy and suffers the direct consequences of changes. It also tells us that Barbadod is no longer a 2.0 industrial economy but a 3.0 service economy.