Infor Grenada Case Study
ECONOMY
Hurricane Ivan damaged or destroyed 90% of the buildings on the island, including some tourist facilities. Overall damage totaled as much as 2.5 times annual GDP. Reconstruction has proceeded quickly, but much work remains. The United States has been the leading donor since the hurricane, with an emergency program of about $45 million aimed at repairing and rebuilding schools, health clinics, community centers, and housing; training several thousand Grenadians in construction and other fields; providing grants to private businesses to speed their recovery; and providing a variety of aid to help Grenada diversify its agriculture and tourism sectors.
Despite initial high unemployment in the tourist and other sectors, urban Grenadians have benefited post-hurricane from job opportunities in the surging construction sector. Agricultural workers have not fared as well. Hurricane Ivan destroyed or significantly damaged a large percentage of Grenada's tree crops, and Hurricane Emily further damaged the sector. Complete recovery will take years. However, many hotels, restaurants, and other businesses have reopened. In anticipation of Cricket World Cup matches held on the island in the spring of 2007, many Grenadians renewed their focus on the rebuilding process. Predictions are for an increase in tourism, although Grenada lags behind its neighbors in marketing the island overseas. St. George's University, a large American medical and veterinary school with over 2,000 students, is in full operation.
Grenada is a member of the Eastern Caribbean Currency Union (ECCU). The Eastern Caribbean Central Bank (ECCB) issues a common currency for all members of the ECCU. The ECCB also manages monetary policy, and regulates and supervises commercial banking activities in its member countries.
Grenada is also a member of the Caribbean Community and Common Market (CARICOM). Most goods can be imported into Grenada under open general license, but some goods require specific
Hurricane Ivan damaged or destroyed 90% of the buildings on the island, including some tourist facilities. Overall damage totaled as much as 2.5 times annual GDP. Reconstruction has proceeded quickly, but much work remains. The United States has been the leading donor since the hurricane, with an emergency program of about $45 million aimed at repairing and rebuilding schools, health clinics, community centers, and housing; training several thousand Grenadians in construction and other fields; providing grants to private businesses to speed their recovery; and providing a variety of aid to help Grenada diversify its agriculture and tourism sectors.
Despite initial high unemployment in the tourist and other sectors, urban Grenadians have benefited post-hurricane from job opportunities in the surging construction sector. Agricultural workers have not fared as well. Hurricane Ivan destroyed or significantly damaged a large percentage of Grenada's tree crops, and Hurricane Emily further damaged the sector. Complete recovery will take years. However, many hotels, restaurants, and other businesses have reopened. In anticipation of Cricket World Cup matches held on the island in the spring of 2007, many Grenadians renewed their focus on the rebuilding process. Predictions are for an increase in tourism, although Grenada lags behind its neighbors in marketing the island overseas. St. George's University, a large American medical and veterinary school with over 2,000 students, is in full operation.
Grenada is a member of the Eastern Caribbean Currency Union (ECCU). The Eastern Caribbean Central Bank (ECCB) issues a common currency for all members of the ECCU. The ECCB also manages monetary policy, and regulates and supervises commercial banking activities in its member countries.
Grenada is also a member of the Caribbean Community and Common Market (CARICOM). Most goods can be imported into Grenada under open general license, but some goods require specific