Confidence Is so important to add belief to a country’s sense of what is possible, as well as add credibility to the conviction – “ain’t no stopping us now, we are on the move, we are in a groove”.
Such sentiment and upbeat language capture the thinking of our heavyweight economists, policymakers, and government ministers, and should be sufficient to comfort the nation.
Dr Damien King, executive director of the Caribbean Policy Research Institute, in a TVJ interview following articulated fears about a global recession, said that the country’s economic reform programme of the last six years, over both administrations, has ensured a growth momentum that insulates it somewhat from the impact of a global recession.
IMF economist Dr Constant Lonkeng Ngouana, in a recent speech at Bethel Baptist Church, pointed to positive economic indicators, including unemployment, which more than halved to 7.8% in April 2019 from 16.3% in April 2013. He told his audience that this demonstrates that the country is moving in the right direction and emphasised that Jamaica is one of the International Monetary Fund’s success stories.
Finance Minister Dr Nigel Clarke assured the nation on August 20 that the country is in a better place to absorb external shocks in the event of a global recession. He cited macroeconomic stability and the strength of various sectors and industries, including tourism, BPO, finance, and real estate and construction.
Dr Uma Ramakrishnan, IMF mission chief to Jamaica, reminded the country that since 2013, under two consecutive IMF-supported programmes, Jamaica has established an exemplary track record of economic reforms.
Prime Minister Holness on August 10 spoke in Rhyne Park, St James, at a groundbreaking ceremony for 754 new housing units, which is a joint venture between the Housing Agency of Jamaica and Chinese firm Henan Fifth Construction. He bemoaned the fact that his Government faces a challenge of communication and asked: “How do we get across to the people all the good and great things that are happening at this time?”
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