Keep ship Jamaica off the rocks
Published:Sunday | March 13, 2016 | 12:00 AM
THE EDITOR, Sir:
Globalisation was a scheme designed to keep the large world economies in control of world finance and trade, at the expense of small developing countries. Small Caribbean countries cannot survive in such an economic environment.
Some with natural resources like oil and minerals that are needed in world markets can survive in the short run. Jamaica and other small islands, besides Trinidad and Guyana, cannot survive in the long run.
Our bauxite is almost exhausted and tourism is an unreliable source of revenue because of intense competition. Cuba is on the path to becoming a tourism mecca in the Caribbean.
We have a semi-literate population which does not contribute to growth. Other than tourism and a few minerals, Caribbean countries have little to offer the world. Great athletes, world-renowned music, and Rasta philosophy add nothing much to our economy.
The uninformed people of Jamaica are deluded into thinking that our green and orange leaders have the answers to our distress.
Our economy has averaged one per cent growth over the last 50 years. It is absurd to believe that growth will mushroom to six per cent or 10 per cent in the very near future.
Our leaders know that our economy is in dire straits. Note that the first important thing that Prime Minister Holness did was to meet with the International Monetary Fund. The Fund is fully aware that there are dark economic days ahead. Holness is also fully aware of this.
He knows we have to keep borrowing to survive. We are still in a debt spiral. Peter Phillips should be applauded for keeping ship Jamaica off the rocks. All Jamaicans hope that our new leadership will take us out to open waters.
R. Oscar Lofters
Kingston 8