Resource booms and busts are a sad reality for most commodity-based developing countries, and Trinidad and Tobago is no exception. While by far the wealthiest of the Caribbean economies, thanks to its oil and gas resources, the country is currently mired in a severe recession after the collapse of world oil prices beginning in 2014. The economy contracted by 1 percent that year, followed by further declines of 2.1 percent in 2015 and 2.8 percent in 2016, according to data from the International Monetary Fund. Oil and gas, which make up about 40 percent of gross domestic product and 80 [...]
Last month, The New York Times reported that the growing number of tourists in Cuba is dramatically increasing the demand for food and leaving ordinary Cubans without many basic staples. In a phone interview, William LeoGrande, a professor of government and a specialist in Latin American politics at American University, discusses the effects of tourism in Cuba. WPR: What positive impacts has Cuba seen from expanded tourism in recent years? William LeoGrande: Tourism has become one of the leading economic sectors in Cuba. Last year, around 4 million foreign visitors came to the island, generating $2.8 billion in revenue—only the [...]
The European Union formally signed an agreement normalizing ties with Cuba on Monday. The so-called Political Dialogue and Cooperation Agreement covers issues such as trade, human rights and migration, and allows for greater cooperation on climate change, culture and tourism. Talks on expanded political ties began in 2014, and after seven rounds of talks, a final agreement was reached in March. Previous attempts at a cooperation agreement failed in large part because of the EU’s “common position” on Cuba, which set out the objectives for EU policy in Cuba, namely the transition to a pluralist democracy with respect for human [...]
