Jamaica - Future trends

Jamaica entered the 21st century under a cloud of economic decline. For the better part of 3 decades, despite some successes at increasing tourism and exports and curbing imports, the nation has been fighting a losing battle with inflation, mounting debt, and the declining value of the Jamaican dollar. In real terms, this has meant that the quality of life for the average Jamaican has undergone a slow but steady decline. The government enacted policies in the early 1990s to stabilize the economy and appeared to be making progress toward that goal. However, the financial collapse of the mid-1990s caused significant setbacks. Following policies outlined by the World Bank, the IMF, and other lending agencies, the government hopes that its program of lowering interest rates, encouraging tourism, and encouraging exports can help the economy. Yet nearly 20 years of following policies outlined by lending agencies has not yet led Jamaica out of its economic decline. Whether the Jamaican economy will rebound depends heavily on continued world prosperity in the early part of the 21st century, especially in areas related to Jamaica's main revenue producers, and on the government's ability to ride out the social backlash against needed austerity measures.

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Jun 30, 2015 @ 10:22 pm
The policy of "lowering interest rates, encouraging tourism, and encouraging exports" are colonialist policies. Lowering interest rates enable foreigners to own and possess assets in Jamaica at the expense of Jamaican owning and controlling such assets. Ecoouraging tourism without allowing Jamaicans to be developers further the foreign control, of local assets. The result is the harvesting of the countries natural resources without investment in technology to fuel the economy for the benefit of Jamaicans. There are no needed austerity measures. Such measures weaken the people so that they are not able to raise logical arguments against the colonial policies. Without investing in its people there is no hope for economic recovery. What is happening is Jamaica is that the British Empire is 'riding out' the generation of Jamaicans who advocate self determination and autonomy for the island-nation so that it becomes a true nation-state. This is the problem.

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