Jamaica Economy Weakens with the Depreciation of the Dollar

The rapid depreciation of the dollar last week trading at one hundred and fifty-five to one United States dollar has triggered anxiety among many locals. Some say it is due to the pandemic’s impact on key sectors, while others say the dollar has been losing its value even before COVID-19 emerged.

Average Jamaicans are complaining about the relative price of goods and services as the dollar depreciates.

Economist Ralston Hyman explains the negative impact of the Jamaican dollar should it continue on the same path. He said the continued depreciation of the value may result in fewer doctors and teachers being employed and less money being available for infrastructural development. Hyman says the foreign exchange market is defective and needs to be adjusted. says the poor are getting poorer and the country’s economy is weakening.