Previous Story
Must brace for the worse
|
Posted on Apr 21 2000
At Issue: A major tour agent discontinues its Managaha transfer package as a result of the drop in the number of tourists.
Our View: Leadership (all sectors) must meet to help guard against any further contraction of the tourism and other industries.
There are two indicators that seem to signal the worsening of local economic conditions in recent weeks:
1. The discontinuation of a major tour agent’s Managaha transfer package, a business decision premised on non-profitability, so triggered by the drop in the number of tourist arrivals; and
2. The reduction of work hours in various industries so forced by a substantial drop in business volumes. These mind numbing events portent a far more critical economic condition as we head toward mid-year and the balance of this year for that matter. We would have reached crisis level, if not, already. How we muddle through these rough times–still continuing its downward spiral–is really up to local leadership.
For instance, we have learned of the likely closure of several apparel factories by June of this year. It would translate into joblessness for local US Citizens working for these companies in non-garment areas.
Worse yet, our friends from the various states of the Federated States of Micronesia would be jobless too. It means greater expenditure on the fast contracting public coffer.
We need not elaborate on the impending financial strains local government would have to endure as economic conditions worsen. But we strongly recommend that local leadership, comprised of all sectors, must not wait for the eleventh hour before they buckle down to trump out their cards on what immediate measures can be taken to slam the brakes on the continuing downward spiral of the economy.
This effort requires the convergence of the best of sober minds from all sectors. It is really up to us to salvage what’s left of our fragile economy lest we’d see an economic meltdown beyond our wildest imaginings at year’s end. Let’s move in immediately! Today! The tide waits for no man! Si Yuus Maase`!
