How to save money with the Caribbean’s economy
By JOE STANLEYThe Caribbean economy is in a bit of a crisis.
The Bank of Canada said the world’s second-largest economy, with an economy bigger than Canada, is “ticking the clock.”
The U.S. economy is expected to be in recession by the end of next year.
A report by McKinsey & Co. said that Caribbean countries need to raise $6 trillion in debt, or $12 trillion total, to avert a full-blown financial meltdown.
That’s about $4.5 trillion in the U.K. alone, $1.7 trillion in Australia, $2.4 trillion in New Zealand, $5.5 billion in Brazil and $3.5.4 billion in the Caribbean.
It’s also about $1 trillion in China.
A lot of that debt is owned by foreign investors, who have their own ways of saving money.
It means a lot of money for the government, but it also means a little bit of money to the banks.
So what can we do to help our Caribbean neighbors?
Here are some tips for saving money while you’re there:1.
Invest in the local currency, the Caribbean dollar, in the hope that this will keep your savings stable.2.
Invest as much as you can in real estate, so you can live comfortably, without paying too much rent or mortgage interest.3.
Save on groceries, since the economy is dependent on them.4.
Spend less money at the malls and restaurants.