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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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Bruk Pocket Jamaican
"Recently, this Jamaican won the 10 million special lottery for a dollar. As soon as the office of the Lottery Corporation was open on the following day, he was there to collect his winnings.
Graciously, he presented his winning ticket to the clerk and in his best English uttered his request "Me cum fi collect the 10 millian dallars, si me ticket ya".
After reviewing and checking the ticket with his manager, the clerk returned and requested on how he would like his payments. The Jamaican replied "Mi wan all a de moni now". "Unfortunately, Sir" the nervous clerk responded, "The procedures are that we can only give you one million now and the balance equally over the next 20 years".
Furious and agitated, the Jamaican asked for the manager, who re-iterated "Sir, my assistant is correct, it is the regulation of the corporation that we initially pay you one million dollars now with the balance paid to you equally over the next 20 years".
Outraged, the Jamaican slammed his hand on the desk and shouted in anger, "Oonu tek me fi idiat, me wan all a de moni now or oonu gi me bak me rass dallar!!"
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