Course event Jamaica is a small, open and structurally dependent export propelled country. The island has a population o

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Course Event Jamaica Is A Small Open And Structurally Dependent Export Propelled Country The Island Has A Population O 1 (56.02 KiB) Viewed 16 times

Course event Jamaica is a small, open and structurally dependent export propelled country. The island has a population of nearly 3 million with unemployment averaged around 14%, post COVID 19. Exports are concentrated in three commodities: bauxite-alumina, sugar and bananas. Together these three commodities averaged 76% of total commodity exports. Tourism is the largest earner of foreign exchange and the economy is heavily dependent on imports for capital goods, raw materials, fuels and intermediate goods for its import substitution and industrialization programmes, also consumer goods to complement domestic supply, or, in some cases, to meet the entire requirement of domestic demand, including much of its food. A significant number of the employed in Jamaica work in the public sector causing a very high and unsustainable wage bill. With recent global shocks, cost of living as increased significantly and the country's working class are demanding salary increases, especially public sector workers. Jamaica's Balance of Payment (BOP) is in disequilibrium based on the macro-economic factors above. Using the information above, advise the Jamaican government and people of ways in which the disequilibrium can be corrected. Please use no more than 2 pages double spaced lines.