Jamaica's growth outlook worries Opposition

Opposition spokesman on finance Audley Shaw is expressing serious concerns following the downward revision of Jamaica’s growth outlook by the International Monetary Fund (IMF).

The IMF says it now expects global output to grow just 3.3 per cent for 2012, down from its July estimate of 3.5 per cent.

However for Jamaica, the picture is even more dismal with the growth expectation at 0.5 per cent, down from the 0.7 to 1.2 per cent projected earlier in the year.

Shaw said this is a worrying projection and he is calling for the government to move decisively to fix the macro-economy.

An IMF team was recently in the island for two weeks negotiating a new deal with the People’s National Party government.

The government is hoping to have a deal in place by year end.

However, Shaw said he doubts a deal will be inked before next year.

In the meantime, the opposition finance spokesman is expressing fear of a return of the black market for foreign exchange.

He said importers have been reporting difficulties in getting foreign exchange to support their business transactions.

radio@gleanerjm.com