The global financial crisis continues to affect Dominica, according to one economist here.
McCarthy Marie believes Dominica’s tourism sector is being notably affected by the financial downturn, a phenomenon that began with the failure of several large US based financial firms in September 2008.
“We had two major tourism projects that were supposed to have started 2008 to 2009 thereabout, at Woodfordhill and at Hampstead, and because of the financial crisis, the hosts had to be put on hold because the financing to get them going was not available anymore,” he said, noting the crisis has significantly impacted on Dominica.
Marie said with such situations “I think we’re going to be moving forward pretty slowly in terms of private investments.”
He noted downturn in arrivals and reduced expenditure from tourist arrivals as other consequences of the global financial crisis.
“The cruise passengers who did come were spending less so we got less money from that sector,” Marie added.
He also pointed out that economic expansion in trading partners like the US will influence the recovery process in Dominica.
– DNO Correspondent
First: The finance crisis is NOT global!
The only ones affected are those countries that allow an international cartel of private bankers to print their money, (out of thin air).
For example, Norway, who does not let the international cartel of private bankers print, manipulate nor lend money; and, are doing extraordinarily well – Best in Europe! That is why my retirement monies are in Norwegian Kroners.
Other successful economies without any troubles include BRIC nations who don’t even use the US dollar to trade amongst themselves anymore. And the BRIC nations GDP is skyrocketing despite the decline in (fake) US dollars.
Most European & American state aid is interlocked into the International Bank of Settlements, which is tied to World Bank, which is tied into the IMF, which is like all things: Tied into Goldman Sachs!
AIG is run by Edley of Goldman Sachs!
All roads lead to: Goldman Sachs!
Most European & American lives are dictated to by a bunch of arbitrage wielding sycophants & sociopathic criminals who profit by destroying the system!
Keep your eyes on the Greeks and French whose workers are poised to throw-off the shackles of their international banking masters, (refer to Moody’s new “country revolution rating”)
There are several new alternatives to the IMF-World Bank now! Why deal with the IMF?
The IMF (World Bank) admits it is bankrupt! So it has little or no real resources to act as lender very soon – In fact, even the IMF is scrambling to replace the US Dollar as the world currency because the Chinese are about to unfold their new alternative to the IMF! One CURRENT alternative permitted by the IMF is alternative currency swaps between Asian countries without the US Dollar, (google: Chiang Mai Initiative)
http://www.larouchepub.com/other/2001/2847imf_bankrpt.html
Joe Stiglitz is a leading critic of international development organizations — especially the International Monetary Fund, (IMF & World Bank). And yet, in his book, Globalization and its Discontents, he points to one country that got it right — Botswana. How did it succeed? By ignoring advice from Washington-based institutions, as Mr. Stiglitz explains. He also speaks how Botswana beat the criminal Diamond monopoly De Beers:
http://www.theglobalist.com/storyid.aspx?storyid=2507
Here is news on the developing Asian alternative to the IMF & World Bank:
http://www.globaleconomicgovernance.org/blog/2009/05/watch-out-imf-and-watch-out-washington-dc/
60 Questions about the World Bank debt scam:
http://www.cadtm.org/60-Questions-on-the-IMF-World-Bank
Actually, there are several excellent books on the World Bank debt scam here:
http://vakindia.org/shop-online-page4.html
How the World Bank caused America & European financial bankruptcy (free download):
http://vakindia.org/pdf/IE.pdf
How Malaysia dumped the World Bank (IMF) & thereby prevented economic and social chaos:
http://www.twnside.org.sg/title2/gtrends1.htm
Another interesting book on the topic – World Bank & IMF, Fifty Years is Enough:
http://www.alternativeradio.org/programs/KEND001.shtml
In summary, the IMF and World Bank will only extend loans if countries agree to accept ‘structural adjustment programmes’ (SAPs). SAPs are forced down the throats of the people of the former colonial world. To pay off the loans, the IMF and World Bank demand governments raise money by selling off public assets and companies (privatization) and cutting state expenditure on social services like health care, education, and pensions. SAPs require countries de-regulate and “open up” their economies by cutting subsidies to local industries and creating bogus trade barriers and tariffs. Countries must open up their economies to the multinationals (usually based in Western countries), remove restrictions on foreign investments, and allow corporation’s access to the workers and natural resources of the country at bargain basement prices.
The vast majority of the profits made by the multinationals are taken out of the country and brought home (repatriated) to the West. SAPs encourage export-oriented growth (selling cheap raw materials or commodities on the world market, like cash crops, garments, or computer chips) to generate hard currency. All in all, the IMF and World Bank SAPs turn countries into loan repayment machines, generating easy profits for the world’s biggest companies and banks. IMF policies also both directly and indirectly impact on workers in, for example, Europe and the US. Because they are partially funded with public money, the IMF and World Bank redistribute wealth from working people in the West (through their taxes) and funnel it to programmes which benefit the multinationals.
The effects of IMF/World Bank programmes are to lower wages and working conditions worldwide, which exerts a downward pressure on workers’ living standards in the industrialised countries as well.
The IMF and World Bank loans have created a huge debt trap. This overwhelming debt has led to the poorest countries in the world allocating enormous portions of their national incomes towards paying interest. Debt is one of the most important weapons with which the big capitalist powers dominate poor countries. It is used as a means of blackmailing the poorest countries and tightening the screw on the vast majority of the people in Africa, Asia and Latin America.
However, due to the collapse of the US Dollar & all Central Bank controlled European nations, many alternatives to the World Bank have opened up! Dominica will be wise to use an alternative to the World Bank – Besides; even the World Bank admits it & the US Dollar are bankrupt!
Cruise tourism, while great on the outset is bad news for a small island like Dominica. We all know the real money is made when tourist stay-over versus one day visits. To entice more stay-over tourist, we need improved infrastructure, larger hotels and night time entertainment, just to name a few. Dominica is seriously lacking in these areas.
How is Dominica affected? Before the general election our PM said we were not affect by the economic crisis and DA had expirence a growth!!! We need to do away with all those politician. Workers,labor and freedom. all of them !!!
We are living in the last and closing days. what we as a people need to do is accept Christ as Lord and Saviour and He will take care of us. Man sure can’t save us neither take care of us. Look to Jesus for Salvation. Read Romans 10: 9 and 10
Mr Right, when is he coming again?
Dominica as a whole discourages foreign investment. It is not easy to invest here unless you are the IMF.
As for tourism, the only people making out on that in reality are the tour operators. The local areas in Roseau make a little money from tourists coming into the groceries, bars and a few stores, but not a whole lot of money.
Tourism is not a big money maker here and it probably never will be in the vein that it is presented.
Concentrate on farming and getting water to the farmers. Agriculture should be number 1.
Agriculture is the way forward. Everybody must eat but they dont really have to travel. That is where we must concentrate our investment.