JIS News

Prime Minister Bruce Golding, has said that the financial recession that has been affecting the country, could be over soon.
“There are signs that the recession may be coming to an end sooner than most analysts had expected, even up to a month ago,” Mr. Golding said, as he responded to questions posed by Member of Parliament, Dr. Peter Phillips, on the state of the bauxite sector, in the House of Representatives, on March 31.
The Prime Minister pointed out that the housing industry in the United States (US), which is a significant weathervane of economic activity, showed a three per cent improvement in February.
He also said that the world “is virtually waiting, with bated breath, to see whether or not some resolution is arrived at between the US administration and the automakers, because that is another primary source and indicator of economic health.”
“We are hopeful that we are beginning to see the end of the recession and increasingly there is a school of thought which argues that we are likely to bottom out somewhere around the middle of this year and we could see early signs of recovery towards the end of this year, as against what was originally projected – sometime in the latter part of next year,” Mr. Golding added.
The Prime Minister said that within the last two weeks, the inventory levels on the London Metal Exchange have been dropping. “There have been some significant drops and some minor drops and there were two days where it actually went up. But overall, over the last two weeks we have seen some indication that inventory levels are coming down, which suggests that there is a take-up,” Mr. Golding said.
Meanwhile, the Prime Minister told the House that Cabinet would be establishing a Special Task Force, to be chaired by former Cabinet Secretary and Chairman of the Jamaica Bauxite Institute (JBI), Dr. Carlton Davis. “The Task Force is to look at how we can plan for the restructuring of the bauxite plants, to make them viable in the future,” Mr. Golding said.

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