Globalization: Port of Spain's Economic Strength

The Central Bank "Twin towers" of Port of Spain

Economic Globalization in Trinidad: The city economy of Port of Spain

Economy

Trinidad and Tobago has one of the strongest economies in the Caribbean, The twin- island republic boast of its great wealth founded on the petroleum, natural gas and manufacturing sector. Port of Spain is the capital of Trinidad and Tobago and has attracted hundreds of workers from all over the world and international companies. With globalization growing in the Caribbean , Port of Spain is one of the leading cities who has invested and been invested into multinational companies such as BP, Repsol and Hyatt Hotels and Resorts, and various fast food chains like KFC, Subway and Pizza Hut .

The international and local companies found in the city

List of Global Fast food Chains In Port of Spain

 

Globalization definition

The increasing worldwide interdependence of most economies, integrated financial markets, the outsourcing of the production of components throughout the world, the growing importance of transnational firms, and the linking of many service activities through the new information and communication technologies are part of its urban characterization  (Lipsey &Chrystal 2011).

View of Port of Spain CBD and Water front from the ferry.

Analysis of globalization with in Trinidad and Tobago

Although globalization has brought about many positive changes, some countries cannot catch up with rapid developments and changing economic procedures it engenders. As a result, their cities' economies become stagnant and experience recessions which forces the rebuilding of their economies. Unlike many other cities, the recession of 2008 has had a very limited negative impact on the economy of Port of Spain.  The city's economic resilience is reflective of Trinidad and Tobago's overall economic power. 

            Countries that are progressing are recognized by majority of developing and developed countries. Port of Spain economy is strong however; it is not as versatile as other cities because it depends heavily on the Oil/Energy sector. The world economy is not infallible for all; developed countries tend to flex their economic muscle as a   tactic to gain control over debt-burdened cities. Fortunately, Port of Spain has been able to avoid this pitfall.