Patterson implemented uk canada goose tight monetary and

Jamaica’s economic troubles

Beyond https://www.getcanadagooseoutlet.ca the high canada goose clearance walls of all buy canada goose jacket inclusive tourist resorts, Jamaica’s economy is a mess.

Crime is ripe in Jamaica’s capital KingstonThe riots now tearing through Jamaica’s capital Kingston are bound to deliver yet another blow to its fragile economy.

More serious is the decay canada goose uk shop of the island’s infrastructure. Leaking water mains leave many of the country’s 2.63 million people without reliable supplies of drinking water, causing health problems.

Bauxite accounts for more than Canada Goose Outlet half of Canada Goose Online Jamaica’s exports (53%), but plummeting commodity prices have hit the industry hard.

This has caused a drop in tax revenues, just at a time as the government is struggling to service debts of $3.2bn (?bn). The increases in fuel duties, which have triggered the Canada Goose online riots, were seen as necessary to make up the uk canada goose outlet shortfall. Patterson canada goose black friday sale has worked hard to cut inflation, but the economy has suffered in turnThe foreign debt burden amounts to $1,216 for every canada goose coats on sale man, woman and child living in Jamaica a sum just below half of the country’s canada goose clearance sale annual Gross Domestic Product per head.

The costs of inflation

For years, the country Canada Goose Jackets was suffering under rampant inflation 25.6% in 1995 and 15.8% in1996. Patterson implemented uk canada goose tight monetary and fiscal policies.

Interest rates of 40% stabilised the exchange rate and 1997 Canada Goose Coats On Sale was the first year that saw inflation Canada Goose Parka in single digit figures again, at canada goose factory sale 9.2%.

But it came at a high price for the island nation.

The high canada goose black friday sale costs of borrowing choked economic growth. During 1996 and 1997 the economy actually shrank.

Many companies collapsed under their buy canada goose jacket cheap debts and went into receivership, canada goose uk black friday were closed or downsized.

Internal debt escalated.

Money was not invested in productive sectors but was put in short term, high interest investments on canadian goose jacket the financial markets.

At the same time Jamaica suffered under trade liberalisation in a different part of the world.

The lowering of trade barriers in canada goose uk outlet the North Atlantic Free Trade Area, the common market set up between the USA, Canada and Mexico, drew a lot of business away from the island’s economy.

The riots now are a result of attempts by the government to improve the island’s Canada Goose sale infrastructure. Higher fuel taxes are to finance better public transport.

The rioters are not willing to pay.

It is canada goose store of little surprise that the economic hardship has boosted two unwelcome industries crime and the drugs trade.

Even more worrying is the fact that these two are now threatening Jamaica’s other mainstay, tourism.

Nearly two million people visit the island cheap Canada Goose every year, earning it 45% of its foreign exchange and providing one in every four jobs.

This is the backyard of a tourist’s s paradiseBut the tourism boom of the 1990s has somewhat bypassed Jamaica. Other Caribbean countries see growth rates of 7% and more.

In Jamaica the number of visitors is climbing just 1 2%.

The reason is crime. The big cruise canada goose coats ships dropping anchor in Montego Bay are canada goose not coming as often as they used to, because tourists are tired of being cheap canada goose uk harrassed by beggars, drug dealers, pimps and criminals.