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Jamaica to set sights on non-European markets

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Friday, 03 February 2012

Jamaica to set sights on non-European markets

As 2012 global economic prospects seem pessimistic, Dr. Peter Phillips, the Jamaican Finance Minister, has recently stressed that the country must find ways to boost its economy.  Following the IMF's negative growth outlook, he stressed demand for Jamaican exports may decrease and suggested “to redouble […] efforts to export more, to seek new markets, particularly in areas that are not as affected greatly by the recession […] to try and source investment funds from other places that are not going to be as affected by the recession as the United States and Europe”.
International Monetary Fund (IMF) recently lowered its growth forecast for the global economy to 3.25 per cent in 2012, from the previous 4 per cent. As fiscal challenges facing European countries and the slower than expected recovery in the US economy and the rest of the developed world may make reduce Jamaican exports, Dr Peter Phillips fears that it means  “lower demand for some of [Jamaican] exports; […] slower remittance of earnings from Jamaicans overseas...depending on their personal situation”.

Source: Caribbean 360