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How to adapt in this PANDEMIC ECONOMY


Are you concerned about how the Jamaican economy is affected by COVID-19? Want to see how you can get creative and navigate through the coming months? Continue reading to learn more...


The Numbers


In an article titled “COVID-19 Continues to Impact Economy” by Alecia Smith, we are given the statistics of how our country’s financial landscape was altered by the pandemic. Dr. Wayne Henry, the Director General of the Planning Institute of Jamaica (PIOJ), is stated as saying that the economy decreased by 5.7% in January – March 2021. Dr. Henry also states that, since March 2020 until the present, the goods-producing industry increased by 3%, and the services industry contracted by 8.1%.



The Changes


In the article, Dr. Henry notes that the measures implemented to deal with the pandemic affected the areas of “entertainment, transportation and tourism…hotels and restaurants…and the transportation storage and communication industries”. These industries suffered steep declines. The weather for the last financial quarter of 2019 was adverse and damaged the farming industry, adding to the overall decline. In stark contrast, the construction industry saw three consecutive quarters of growth since March 2020, and mining and quarrying industries saw an increase as well.



How to Adapt


Because of the pandemic’s effects, the economy has been affected in such a way that costs are now being altered so that businesses and individuals can still make a profit. The article “Surviving a Layoff during COVID-19” on The Jamaica National Group website has even listed five ways in which money can still be made and saved during this time. Financial literacy expert for the company, Rose Miller, states methods that include watching how we spend, cutting back. where we can, consolidating our loans to pay lower interest rates, taking advantage of any relief/assistance programmes, and using our skills and talents to earn.



Using Creativity


It is especially important to look out for any opportunities that you may come across, or that you can create from your own resources. In Jamaica, according to the statistics presented, any job in the industries of construction, mining, quarrying, the production of goods, and food should be able to turn some profit at this time. Using your car, bike or truck to do deliveries, for example, would allow you to earn a significant sum once you have a working business model. Another option could be tutoring online in a subject you’re good at.



The Takeaway


Even though we saw a decrease in the local economy during the pandemic so far, this was not in every career field. In order to make the best of our current situation, we have to look at what we have available, and which ideas can be implemented for financial reward. As local industries often intertwine, these are the channels through which your opportunities will show themselves.



Sources

1. Alecia Smith, “COVID-19 Continues to Impact Economy”, Jamaica Information Service (June 3, 2021)

2. “Surviving a Layoff during COVID-19”, The Jamaica National Group (July 2, 2020)

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