economy of jamaica essays

economy of jamaica essays The Jamaican economy is an ailing economy and a prime example of an impoverished nation with an inadequate manufacturing infrastructure, limited nation and agricultural assets and declining foreign investments. With a decline in foreign investments Lee Bailey, President of Cruise Shipping Association who was a guest on the television program, A Nation In Crisis on November 2nd, 2000 at 8:30 pm live on T.V. J stated that with no water, no roads no infrastructure why would foreigners want invest? Why would they want to build a home with these conditions? Mark Kerr Jarrett, President of Montego Bay Camber of Commerce, another guest on A Nation In Crisis stated that law and order must be returned to the streets in order to sell the nation to foreign and local investors. He also said people must reinvest to increase the income of the nation. Jamaica has experience a deteriorating economy along with falling living standards for over 15 years as a result of a heavy debt, a devalued currency and societal malaise. The government is still repaying monies they have borrowed from international leading agencies such as the international Monetary Fund (IMF) and the World Bank. Payment of 3.6 billion in foreign debt alone consumes 49% of the total budget. A series of floods and hurricanes that ravaged the country exposed the governments poor emergency relief preparation forcing authorities to solicit extensive loans from abroad. These debt burdens are an amount of money borrowed together with repayments of interest. Listed below are reasons for an ailing economy: d.) Government measures, stop-go policies related to change in government ...