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Essay / Research Paper Abstract
This 5-page paper discusses the impact of the global recession on Antigua and Barbuda. Also discussed is the impact of the Stanford scandal. Bibliography lists 5 sources.
Page Count:
5 pages (~225 words per page)
File: AS43_MTantiguar.rtf
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Driven mainly by tourism b) Agricultural production is also part of the economy, but a minor one III. Recession a) Tourism took a hit b) Long-stay vacations
fell by 14.3% from the year before c) Fall-off due to a decline in American and European tourists IV. Stanford scandal a) Owned Bank of Antigua, which was
taken over by regulators in February to prevent collapse b) Brought attention to other potential unsavory activities on the island c) Island forced to take $50 million from
a fund launched by Venezuelan president Hugo Chavez V. Conclusion: The recession is bad enough, and the Sanford scandal made everything worse
When one thinks of Antigua (and neighboring island Barbuda), what comes to mind are pristine beaches, the blue, warm waters of
the Caribbean Ocean and friendly people anxious to please. Others, more familiar with banking and the financial world, might cynically say that Antigua is also famous for its off-shore money
laundering activities. Because much of Antiguas industry is tourism, its economy has taken a hit with this current global recession. And thanks to the scandal perpetuated by Houston financier Robert
Allen Stanford last February, the islands Bank of Antigua has also gone through its own struggles. Though the Stanford scandal in and of itself wouldnt have caused a hardship, coming
as it did on the tail of the 2008 global meltdown, its caused the Antiguan economy to struggle. The CIA World Factbook
(2009) points out that Antigua, with its 1.6-billion-dollar GDP (purchase parity) has an economy mainly driven by tourism. Tourism accounts for nearly 60% of the GDP and 40% of investment
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