Population Size

Aruba's population is significantly smaller than that of the United States, New York, and Manhattan, which overall can limit the size of the economy and workforce of the country. Larger and more diverse populations, like those of the United States and New York, make it easier to support a wider range of industries and higher economic output.

GDP & GDP per Capita

Aruba's total GDP and GDP per capita are lower than those of the United States, New York, and Manhattan. Although Aruba is considered a high-income economy, it is at a smaller scale than these other economies it is being compared to. This means the island has fewer job opportunities and lower economic production and efficiency in general. In comparison, Manhattan, New York, and the US all benefit from more developed industries like technology, business, and finance, thus allowing the income levels and living standards to be higher than in Aruba.

Service-Based Economy

All of these regions gain value from tourism and real estate. However, Aruba depends much more heavily on tourism as its sole economic driver. It is also a primary source of employment and revenue for the island. The U.S., New York, and Manhattan still include tourism and real estate as important parts of the economy; however, these categories exist with other sectors like finance, media, and other services.

Economic Resilience

The area where all of these economies vary the most is economic Resilience. Since Aruba's economy is so densely concentrated in tourism, major economic shocks like recessions, lack of travel, or pandemics can have much more severe and immediate impacts. On the other hand, the United States, New York, and Manhattan, although still affected by these shocks, can soften the blow of these disruptions because of the diverse industries and stronger sectors of their economies. This suggests that Aruba has higher vulnerability and inequality risks during periods of crisis.

Geography

The type of location of these areas is very important to the way that the economy functions. As a small island, Aruba is more exposed to climate risks and depends on imports for many of its goods. The United States and New York benefit from being a larger land mass with multiple ports and transportation networks. This provides the United States with more opportunities to develop a more stable and resilient economy.

Closing Comparisons

Overall, Aruba, the United States, and New York share many similarities with each other as service-based, high-income economies, focusing on how they rely on tourism and real estate. However, Aruba's smaller population, lower GDP, and heavy dependence on tourism make the economy more vulnerable to shocks. Geographic limitations, climate risks, and reliance on imports restrict Aruba's capability to expand its economy in comparison to the United States and New York. These differences can help to explain why larger and more diverse regions can support long-term growth and stability, while Aruba faces greater economic struggles despite its high-income status on paper.