Persuasive Paper
Trecell Richards
2015-11-09
Jamaica is a beautiful island with beautiful beaches, warm sunshine, delicious food and amazing people. Jamaica gained independence in 1962 from the United Kingdom; the major sectors of Jamaica’s economy include tourism, agriculture, mining, manufacturing, and insurance and financial services. Jamaica is also the home of Usain Bolt, a Jamaican sprinter regarded as the fastest man ever and Bob Marley, a talented reggae singer. Jamaica is a small island with a population of approximately 2.715 million people. While Jamaica’s economic crisis is due to various factors such as substantial reliance on the tourism remittances for foreign exchange, high unemployment, natural disaster, massive public debt, and high interest rate; Jamaica’s massive public debt is the main factors hindering Jamaica’s economic growth. The core focus of this report is to discuss the impact of Jamaica’s massive debt on the economy and how can the citizens of Jamaica help increase economic growth. The three main sources that will be
…show more content…
Jamaica high level of debt is one of the main factors hindering economic growth in Jamaica. Due to a deficit fiscal budget the government of Jamaica has seek assistance from the International Monetary Fund. To qualify for the loan from the International Monetary Fund the government will have to reduce its spending. As a result unemployment rate will increase, prices for goods and services will increase, the standard of living of the Jamaican citizen will decrease and the government will freeze wages for four years. If the citizens of Jamaica seeks to reduce its dependent on foreign countries for goods and services this will aid economic growth. If the citizens of Jamaica work together they can help increase economic growth in Jamaica by starting a new business rather than remaining jobless. The creation of new businesses will help increase economic growth and leave a progressive Jamaica for future