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The Jamaican Economy looks Gloomy
10/21/05
The Jamaican Economy looks Gloomy
As an ordinary everyday Jamaican with no official financial background except for my own personal finances I do believe that the future of this country is in jeopardy. Maybe I’m missing something but I can’t see the light at the end of the tunnel
Today the US dollar dropped further reaching the $64.00 dollar mark. The weighted average selling rate was Jamaican $64.01 for US $1.00. The Canadian dollar sold for Jamaican $54.47 and the pound sterling went for Jamaican $111.98. Unfortunately indications are that further weakening is expected. With the approach of the Christmas Holidays and the heavy demand for foreign currency to replenish stock further weakening of the Jamaican dollar seem imminent.
Follow up:
The constant speculations about the availability of crude oil world wide are also contributing to our gloomy future. The bottom line is that oil prices keep climbing. With each visit to the petrol stations the cost of fuel increases.
The costing of most commodities and services in Jamaica today is based on the rate of exchange and the price of gas. So in one hand the incomes remain constant while in the other the expenditures increase on a daily basis. You do the Math
One thing that could really help the economy is investments. Investors however are extremely wary because of the ever present crime elements in Jamaica. Extortion is also a factor which they are not prepared to face.
Everyday we hear of decreases in the productive sectors. Our agriculture is getting a royal beating form both Mother Nature and international price cuts. The banana industry has already suffered adversely and now the sugar industry is fighting for its existence with the EU proposal of a 37% cut in prices. Tourism is also affected by the high crime rate and Mother Nature.
Another factor that is cause for major concern is the continuous brain drain which is taking place. A lot of our bright progressive youngsters are leaving Jamaica to make a life for them selves. Not that I blame them, if I’m feeling so helpless at my age I can’t begin to imagine their frustration.
Old time people used to say, “No care how teacher cross, school boun fi gi recess”.In other words, ‘every cloud has a silver lining’. I hope they are right.
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Three Ministers
Three ministers - a Presbyterian, a Methodist, and a Southern Baptist and their wives were all on a cruise together. A tidal wave came up and swamped the ship, and they all drowned. The next thing you know, they're standing before St.Peter.
As fate would have it, the first in line was the Presbyterian and his wife. St. Peter shook his head sadly and said, "I can't let you in. You were moral and upright, but you loved money too much. You loved it so much, you even married a woman named Penny."
St.Peter waved sadly, and poof! Down the chute to the 'Other Place' they went. Then came the Methodist. "Sorry, can't let you in either," said Saint Peter "You abstained from liquor and dancing and cards, but you loved food too much.
You loved food so much, you even married a woman named Candy!" Sadly, St. Peter waved again, and whang! Down the chute went the Methodists.
The Southern Baptist turned to his wife and whispered nervously, "It ain't looking good, Fanny."
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