Jamaica as an Economic Giant - Case Study Example

JAMAICA Introduction Jamaica is an island country that is located in the Caribbean. Being the third island country belonging to the Greater Antilles, it has a geographical size of 10,990 square kilometres in area; it lies to the South of Cuba, a distance of about 145 kilometres and 195 kilometres to the west of Hispaniola. In terms of history, Jamaica was a Spanish colony until 1655 when it later became a colony of England and was referred to as Jamaica. System of Government Jamaica is a commonwealth country, by virtue of being a British colony during colonial times; it has a parliamentary constitutional monarchy that adheres to the Westminster systems of governance (Scher 2010). Under this system, legislative powers are bestowed in the country’s bicameral parliament, which consists of senators that are specially appointed and House of Representatives that are elected by the people. Jamaica’s current Prime minister is Hon Miller P, S, who was officially inaugurated in 2012; the prime minister plays the role of head of government, heading the country in all its affairs. Politically, it’s important to note that Jamaica has been a two-party system for a long time, with power alternating between the two great parties in existence; the people’s national party and the Jamaica Labour party. Currently, the People’s National party is ruling the republic, having majority representatives in parliament as of 2012. Irrespective of the strength of these two parties, many other smaller parties existing are yet to get a seat in the country’s legislative arm – the parliament. Scientific Development Science and technology have been active pillars behind the development of many countries in the world (Lee 2010). On its part, Jamaica has also not been left behind; the country has made tremendous developments in the creation and use of various scientific systems to improve its economy. It is believed that since the late 1990s, the country’s government decided on an agenda that would champion for the development of science and technology, the main objective behind this move being to make the country an important party in the arena of information technology. Jamaica is recorded as the first among developing countries to enact a scientific law to provide a road map on the use of science and technology in the exploitation and use of domestic natural resources (Lee 2010). Since 1960, the country has come up with different amendments on the original policy that came into existence that same year. The third policy that is believed to have been enacted in the nineties aims at correcting impediments brought about by the previous policies, this is by adding impetus to the functions of innovation and proper funding of activities in tandem with science and technology policies. These initiatives as stipulated in the policy are to enable the diversification of agricultural activities, revival of production and manufacturing sectors and expansion of services to the people. In addition, it also aims increasing the greater private sector and its involvement in the country’s science and technology initiatives, poverty and unemployment reduction and the general expansion of the economy. Another important objective of the policy is to offer Jamaica a greater ability and capacity to compete effectively on a global level, giving protection to the country’s delicately balanced ecology and biodiversity. For this reason, various systems have been enacted to ensure that the policy is effectively implemented for the country’s general economic and social welfare. The country’s ministry of industry, science and technology is charged with overseeing the effective implementation of the policy through its three main departments as illustrated below. Adapted from Lee (2010). The HIV/AIDS epidemic In many countries globally, HIV/AIDS has claimed the lives of many people, depleting the countries of the much-needed labour force to drive the economy. Most countries that have been on the receiving end for this epidemic are those that are still developing, this is because of the acute shortage of skilled experts to deal with a pandemic, and limited knowledge about it by the citizens. In Jamaica, the pandemic has been partly blamed for the stalled economy with its prevalence rate standing at 1.5 percent of the entire adult population who have so far tested HIV-positive. According to statistics from the country’s related health departments, men and women that are aged 20-39 are responsible for the 54 percent of all the AIDS cases that have so far been reported. In general, it has been established that among men, rates of AIDS cases continue to surpass those of women, at the same time, female adolescents that are aged 10-19 are said to be 2.7 times more likely to get the infection compared to similar-age males. Young women also make up another risky group likely to fall victim of this epidemic; this is because it is often hard for them to negotiate whether and when not to engage in sexual activities, besides keeping themselves safe from the disease and pregnancy. It is believed that socio-cultural, behavioral and different other economic factors have been the primary contributors of the pandemic’s prevalence. At the same time, the prevailing gender inequality, increasing rates of unemployment, poverty, the ever-expanding commercial sex trade among other factors is also to blame for the increasing HIV/AIDS prevalence in Jamaica, giving the country, the highest percentage of vulnerability. In response to these statistics, the government has been aggressive in implementing various policies and mechanisms to curb the menace and restore the country’s health and well-being for economic growth and development. The government has created the National Aids Committee, which is a non-governmental organisation to work alongside the country’s health Ministry to coordinate activities related to the reduction of HIV/AIDS prevalence. The organisation has so far accumulated more than one hundred member organizations that facilitate coordination of the national response activities to the pandemic. Cultural practices In as much as Jamaica is a small country island in the Caribbean, it has a strong culture that has remained dominant on the global platform. Jamaica’s music, as part of the country’s cultural heritage, has had a global influence, for instance reggae, dub and more recently, dance hall and raga music all have their roots in this country. Jamaica has been instrumental in the establishment and growth of punk rock, a genre or music that comprises of reggae and ska, in fact, the country’s reggae music has greatly influenced American rap music, since they both share the roots of being rhythmical. Some of the most famous Jamaican musicians that have grown to command global influence include bunny wailers, peter Tosh, Buju Banton and the legendary Bob Marley among many other greats. The economy Jamaica is largely a mixed economy, comprising of both state and private sector businesses and enterprises, major sectors that the economy relies on include agriculture, mining, finance and insurance industries among many others. The highest foreign exchange earners in the country remain to be mining and tourism, with an estimated number of close to 1.3 million tourists visiting the country annually. According to recent economic performance statistics, Jamaica’s economy has been on a good upward growth (Scher 2010). The agricultural industry, which is the backbone of the country’s economy has been increased significantly reaching up to 16.7%. The 2007-2009 economic downturn is said to have had diverse impacts on Jamaica’s economy, resulting in huge negative growth. This led to the creation of a new Debt Management Initiative in 2010, under which holders of government bonds returning the high-interest yield instruments with lower returns and long term maturities. Following the success of the initiative, the government managed to enter into a borrowing agreement with the International Monetary Fund in 2010, under which the government was given a US$1.27b loan, to be repaid over a period of three years. 2014, marked a great milestone in the country’s economy, in April, it entered into a signed pact with the Chinese government over establishment of Jamaican Logistics hub, an initiative geared towards positioning Kingston as the fourth logistics chain, following the like of Singapore, Rotterdam and Dubai. It is expected that at its completion, the initiative will provide many employment opportunities to the country’s nationals and increased the economy significantly, alleviating the country’s huge debt-to-GDP ratio. The country’s ability to strictly adhere to the financing programme of the IMF including its preparations for the JLH program have been instrumental in improving the country’s credit rating and global outlook from various credit rating agencies in the world. Globalisation has played a vital role in the growth and development of the country’s economy; as a result, there has been an increase in the country’s foreign investments, which have increased employment rates (Scher 2010). The growth of science and technology has also been instrumental in the growth of business activities, improving the economic, social and general welfare of the Jamaicans. The environment Globally, environmental management and conservation has become global concern, making many countries under the United Nation’s watch to ratify various agreements over the same. In the light of these developments, the Jamaican government was part of the enactment and ratification of the Kyoto protocol, ratifying it in June 1999, however, the country is not earmarked as Annex 1. This means that it does not have certain emissions reduction targets, for this reason; it is not able to trade emission with other countries. The country stands to profit from various execution of Clean Development Mechanisms (CDM) as spelt out in the Kyoto protocol. Jamaica is endowed with an abundance of various natural resources, in this regard; it is better-placed to pursue different kinds of green projects that are environmentally-friendly. There are several ethical dilemmas that stem from environmental issues including the need to balance between environmental protection and proceeds from certain investments. For instance, Jamaica is well positioned to change its current sugar industry to smooth the progress of expansion of ethanol production in the country; however, this process is burdened with various obstacles that have to be carefully checked upon other possible pursuits. In Jamaica, there isn’t enough land to dedicate to cane farming, traditional methods of harvesting the crop like slash and burn have often been associated with significant carbon emissions, calling for the need for different methods that are environmentally friendly. Population According to the census statistic that took place in 2011, the population of Jamaica is currently estimated at 2.8 million (Ricketts 2012). The country is believed to have had a 5-15% population growth rate from the 2001 census report, these points to an increasing population growth rate forcing the government to devise various mechanisms of population control in line with the country’s available natural and artificial resources. According to the Factbook of the CIA, it is estimated that 30.1% of Jamaicans are aged between 0-14 years, at the same time, those of ages 15-64 make up to 62.3% of the country’s population with those of 65 years and above making 7.6% of the population as of the 2011 census (Ricketts 2012). In terms of life expectancy, the country stands at an average of 73.24, with men standing at 71.54 years and women at 75.03 years. Conflicts Jamaica has continued to enjoy peaceful co-existence with its neighbors for a long time; however, there has been internal problems with criminal gangs that are a menace on internal peace. The country’s armed forces and security systems have been steadfast to deal with rising cases to ensure a peaceful environment for both local and foreign investors in the country. In 2010, security forces were engaged in battles with criminal gangs that were associated with various drug loads in the larger Caribbean; the government has so far improved surveillance systems to improve peace and stability in Kingston and all other parts of the country. Conclusion In conclusion, Jamaica is an economic giant that is slowly waking up, there is a need to strengthen various systems in order to achieve tremendous economic growth and drop in the class of developed countries. The country needs to create various legislations that give security to investments for all entrepreneurs in the country; this includes the development of a robust, highly trained and professional security force that is able tackle security challenges in the country effectively. There is still an urgent need of investing in science and technology, which is an important ingredient of any economic growth and development in any country. There has to be increased cooperation with both local and foreign agencies and governments over exchange and implementation of resources and ideas to spur economic growth. Until this and many other efforts are done, the country will continue to toil in its quest to grow significantly and be counted as one of the developed nations in the world References Lee, Y, C (2010). Science‐Technology‐Society or Technology‐Society‐Science? Insights from an Ancient Technology. International Journal of Science Education. 3(2): 1927-1950 Ricketts, S. (2012). Transformative tenements: strategies for urban renewal in Trench Town, Kingston, Jamaica. Waterloo, Ont: University of Waterloo. Scher, P, W. (2010). Perspectives on the Caribbean: a reader in culture, history and representation. Chichester, U.K: Wiley-Blackwell. Read More