Custom Jamaican Culture and Society essay writing
Free Essays on Jamaica - Overnight Essay Writing …
Jamaica experienced stagnant and negative economic growth during the 90s. During this period economic growth averaged 0.1%. The Jamaican economy still struggles to achieve a significant turnaround. In 2006 Jamaica achieved an economic growth rate of 1.9%. This is a very minimal growth as compared to other developing countries whose economic growth rate averages 5-6%.The fiscal deficit is 8.4% of GDP and the public debt stands at 141% of GDP, up from 134% recorded in March 2002. It is also important to note that 64% of the budget now goes servicing national debt leaving 36% for recurrent and development expenditure. Inflation is also at double digits level.
Jamaican essay competitions 2012 Kosovo war essay
Jamaica is a low level middle income country with tourism, bauxite and agriculture being the major sources of foreign exchange. It forms part of the Caribbean islands and has a population of about three million people with per capita income estimated to be $2,330. 19% of the population lives below the poverty line. It has a democratic form of government with a two party system.
Get free expert advice and info on universities & colleges
- The history of Jamaica is violent and bloody, and not in the romantic buccaneer tradition. Slavery and revolt, racial struggle and economic disaster have left a legacy that Jamaicans must still cope with.
Register with Canam Consultants
The Jamaican government has been borrowing heavily from the public to finance its budget. This has increased the public debt and thereby making the government fiscal policies meaningless in containing inflation. This has also made the private sector to be devoid of the much needed capital lent to it by banks. The government’s heavy domestic borrowing has been as a result of its inability to collect enough revenue domestically due to corruption and the inability to create new sources of revenue. Global events like rising oil and food prices have also contributed to the high inflation rate. Jamaica needs to urgently address these issues if there are any hopes of revamping the economy.