Economy
Tourism has long been a vital source of the island's revenue, although the industry has undergone a serious decline since the Asian Economic Crisis of the mid-to-late 1990s. Some major airlines have since ceased regular service to the island. Some internationally-known businesses which located to Saipan are struggling, and some have left.
In years past, the main economic driving force in Saipan was garment manufacturing, driven largely by foreign contract workers (mainly from China). As of March 2007, 19 companies manufactured garments on Saipan. In addition to many foreign-owned and run companies, many well-known U.S. brands also operated garment factories in Saipan for much of the last three decades. Brands included Gap (as of 2000 operating six factories there), Levi Strauss, Phillips-Van Heusen, Abercrombie & Fitch, L'Oreal subsidiary Ralph Lauren (Polo), Lord & Taylor, Tommy Hilfiger, and Walmart.
Currently, there are no garment manufacturers on the island, with the last one having closed on January 15, 2009. On November 28, 2009, the federal government took control of immigration to the Northern Mariana Islands.
Read more about this topic: Saipan
Famous quotes containing the word economy:
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)
“War. Fighting. Men ... every man in the whole realm is in the army.... Every man in uniform ... An economy entirely geared to war ... but there is not much war ... hardly any fighting ... yet every man a soldier from birth till death ... Men ... all men for fighting ... but no war, no wars to fight ... what is it, what does it mean?””
—Doris Lessing (b. 1919)
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)