📉 A Reality Check on the Economy
Alright, I recently read a letter to the editor on the Solomon Business Magazine website that left me scratching my head. It was penned by a concerned student at USPSI about the state of our economy. It’s always great to see young people engaged and passionate about the state of our country, but here’s where the logic goes off the rails.
First off, the high price of cabbage. The writer is shocked to pay $20 for a small parcel of cabbage. Newsflash: that’s not a sign of economic collapse—it’s basic supply and demand. If there’s a low supply of cabbage and high demand, prices will go up. That’s Economics 101. Instead of freaking out over prices, we should focus on boosting agricultural production to balance supply and demand, and in turn, stabilize prices.
Now, about remittances from overseas workers. The writer suggests we shouldn’t rely on this money, but that’s just uninformed. Remittances are a major revenue stream for many Pacific countries. They bring in cash, support families, and reduce unemployment. The Pacific Labour Scheme (PLS) is a lifeline for many Solomon Islanders, providing not just income but also valuable work experience. Dismissing its relevance is not just shortsighted—it’s downright dumb. Remittances are a massive game-changer for the country and for the individual workers and their families.
On to tourism. The writer suggests that tourism should be prioritized to boost the economy but doesn’t offer any concrete plan. How exactly does tourism bring in revenue? What are tourists spending their money on while they’re here? What specific investments are needed, and where? Will these investments pay off? Without clear answers, this suggestion is just wishful thinking. Compared to the steady, reliable stream of remittances, the benefits of tourism are uncertain and subject to global economic ups and downs.
I’m not saying we shouldn’t work to improve our economy, but let’s be realistic about what’s actually going to help. Investing in tourism alone won’t save us. We need a well-rounded approach that includes boosting agriculture, supporting overseas work opportunities, and improving the local business environment. The writer’s passion is admirable, but here’s some advice: finish your studies, get a job, or start a business, pay your taxes, and contribute to the economy in a meaningful way. You might find that working overseas offers better income prospects than the shaky returns from tourism.
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