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Saturday, September 12, 2009

Jamaica's Own Stimulus Package

It seems in the height of America talking about a "Stimulus Package," to get the economy back on track, the Jamaican Government is speaking in similar tones. Well, not quite the same tones. Apparently (according to the Jamaican Observer), the PNP, the Government apparently misunderstood the objective of a stimulus package, which it said is supposed to stimulate consumption of domestic production, not imports.

The PNP argued that motor vehicle imports is a substantial user of foreign exchange and added that a duty-driven spike in motor vehicles will also mean additional demand for expensive foreign oil, the largest draw on Jamaica's balance of payments.

I feel that is their take on it. If you ask the average Jamaican consumer, they will tell you about the poor air quality, congestion and of course the outrageous petrol prices.

SOURCE: Jamaican Observer

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