Jamaica: Economic Situation Issues Essay (Critical Writing)

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It is impossible for citizens of Jamaica to visit the US without providing a large amount of information about themselves and their lives, as they are unwealthy and therefore are suspected of ill intentions of their visit. The international monetary fund has imposed many devaluations in the country, which led to the local currency getting very cheap. This caused a big number of economic troubles. Historically, Jamaica started having these issues when the oil prices started growing in 1973. Because of this, Jamaica needed much more money than it had, and there were no possible ways to get this money within the country, as the private banks were not able to provide lawns. Because of this, the Jamaican government found no other solution rather than to take a lawn from the International Monetary Fund. When the Jamaican government received financial aid, the money was spent incorrectly. They were directed to resolve short-time problems, yet the issues that were to have a long-term effect on the growth of the economics were not addressed.

This caused the resources being spent without giving any chance for the economy to develop on its own after the money provided by the IMF ended. Another reason for the failure of spending the funds properly was that the debt was given in terrible conditions for Jamaica. The rate was very high and the period of time given to return the funds was too short for the economy to start developing and benefiting from the funds provided. The devaluation of the currency because of the country not being able to return the debt resulted in an economical crisis in the country. One of the main manifestations of this crisis is the export issues that Jamaica faces. The tariffs are very disadvantageous for Jamaica, and it is strongly related to the devaluation. These issues still cause problems for Jamaica to develop in modern days.

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IvyPanda. 2023. "Jamaica: Economic Situation Issues." March 9, 2023. https://ivypanda.com/essays/jamaica-economic-situation-issues/.

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IvyPanda. "Jamaica: Economic Situation Issues." March 9, 2023. https://ivypanda.com/essays/jamaica-economic-situation-issues/.

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