Prime Minister Says there is Strong Confidence in Economy

Prime Minister, the Most Hon. Andrew Holness, says there is strong confidence in the economy from the business community and the rest of the country.

He noted that this “unyielding strength of confidence” has been reflected in the latest Business and Consumer Confidence Indices, which show that “business confidence remains firmly entrenched above the crucial 100-point mark.”

The Prime Minister was speaking at the Bustamante Industrial Trade Union’s Triennial General Assembly, at Wolmer’s High School for Boys in Kingston, on July 15.

Mr. Holness informed that further confidence in the economy has been reflected in the number of loans made to the private sector and other individuals from financial institutions.

“Overall, the loans to the private sector have increased by over 30 per cent at February 2017 versus February 2016. People are borrowing to invest and the banks are lending for investments again. There is a shift happening from consumer to investment lending,” he said.

The Prime Minister added that loans to the manufacturing sector increased by 22 per cent, loans to the construction and land development sector increased by 15 per cent and loans to the tourism sector accelerated by 31 per cent.

“This is good. This shows that the engine of our economy is starting to turn. Business people are willing to take risks again and banks are willing to lend again…this is a sign that the economy is cranking up again,” noted Mr. Holness.

He also informed that approximately 22,000 more persons were employed at the end of January 2017 when compared to the end of January 2016. This has resulted in an increase in the employment rate from 12.7 per cent to 13.3 per cent.

Meanwhile, the Prime Minister indicated that more skilled Jamaicans are needed for certain areas where Chinese investments are present within the country and require these labourers to be trained, certified and disciplined.

Mr. Holness informed that through dialogue with the Chinese, a training component must be added to future development plans, which will see the HEART Trust/NTA certifying local workers whether in “technology or new practices.”