Similarities Between Latin American And Caribbean

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Latin American and Caribbean are one of the richest countries when it comes to natural resources. The natural resources that they have are some of the most useful ones in the world and that consists of gold, oil, iron, sugar and many more. World Bank stated that “Latin America produced around 80 percent of the world's silver in the 16th through 19th centuries, fueling the monetary systems of not only Europe, but China and India as well”. This shows that Latin America had so much natural resources that others depended on them. Since Latin America and the Caribbean has all of this resources, they need to develop their production and raise their GDP. Also there are no investments or any business in these countries to make use of the resources …show more content…

During the past few years the tourism in these countries has increased which helps them get more money in the country and make the economy grow a little but this is not going to help the country’s GDP increase a lot because this is only one part of the income that contributes to all of the Latin American and Caribbean countries. In “Regional Economic Outlook: Western Hemisphere Northern Spring, Southern Chills” It was stated that “Latin America and the Caribbean are the known spot for tourist destinations”. This shows us that the Latin America and the Caribbean are beautiful places but their economy just isn't doing the best. Also tourism is not the only source of income for the countries because these countries also hves oil which is one of the leading asset in Latin America and Caribbean economy. There was also a sharp drop in oil prices in 2014 and cheaper oil is creating significant relief, which is cutting import bills by 3-4 percentage points of the GDP on average. This helps other countries look at Latin America and Caribbean as places to get cheap oil. This will ultimately help Latin America and Caribbean get some money for their economy which will increase the

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