Barbados

Barbados is one of the Caribbean’s most developed islands, and according to the International Monetary Fund’s report from 2014, the country has a per capita income of $16,150. According to social, economic, and human development indicators, the pace of development in this upper-middle-income country has been rapid since it gained independence from Great Britain in 1966. However, what these indicators overlook is the income poverty that has resulted from unemployment, the condition of women and children, and social stratification. Also, this island economy remains vulnerable to fluctuations in the world economy and commodity prices. The transformation of Barbados from a low-income economy, mainly based on sugar production, to a high-income economy based on the tourism and financial services sectors has to a large extent resulted ...