After four decades of little or not growth, the Jamaican economy is expected to grow at 1-2% over the medium term. The country is confronted by serious social issues that predominantly affect youth, such as high levels of crime and violence and high unemployment.
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What are the main challenges the Caribbean region faces in its energy production?With the exception of Trinidad and Tobago, the Caribbean region is largely dependent on imported fossil fuels for the generation... Show More + of electricity and for its transportation services. Even with the relatively lower cost of petroleum these days, electricity produced from oil products - whether diesel or heavy fuel oil - remains expensive given their relative inefficiencies in terms of their electricity productivity. Many of the countries have electricity tariffs between US $0.20 and US $0.50 per kWh, which is around 3 to 4 times what we pay in the US or in some other developed countries. So, first I'd say is a high cost associated with this type of electricity generation of.Another challenge would be social costs. In recent years the oil imports have drained hard currency resources and have cost the countries as much as 10% of their GDPs in expenditures and outlays for importing oil.Finally we Show Less -
A poker gameThe initiative also will also create opportunities for young people who are studying at Jamaican universities. Until now, many of them migrate after finishing their studies, precisely because... Show More + of the lack of job openings."I hope that my degree will help me to be hired for some of the jobs which will be created once the (Logistics) operation center opens," says Carlisle Moxam, a final year student in Chain Management and Supply Office in the Caribbean Maritime at the Institute of Kingston. "I want to improve my skills and future prospects."Obviously, Jamaicans are not the only ones working to exploit this "sea" of possibilities. Countries like Cuba or the Bahamas have also entered the race, all with an eye focused on examples such as Panama and Singapore, where the logistics business represents 7 and 8% of GDP respectively."It's a poker game," says Wignal. "And we have to play well." Show Less -