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Shaw mulls suing Portia and Peter

Published:Friday | February 5, 2016 | 2:43 AMDaraine Luton, Staff Reporter
According to Shaw the performance of the economy under his watch has to be analysed in the context of the world economic depression between 2008 and 2010 and record high oil prices.

Former Finance Minister Audley Shaw, is adamant that he left the economy in good health in 2012, and claims to the contrary by members of the People's National Party are lies that have been told on him and the Jamaica Labour Party. 

According to Shaw, he is now considering legal action.

He says the lies were told by Prime Minister, Portia Simpson Miller and her Finance Minister, Peter Phillips who said the PNP got an economy on the brink and in shambles.

But Shaw says when the JLP left power in 2012, the economy was growing at 1.7 per cent.

Under Shaw as finance minister, the economy contracted in the three years from 2008 to 2010 by more than five per cent, with growth in GDP recorded at negative 0.8 per cent in 2008, negative 3.1 per cent in 2009 and negative 1.4 per cent in 2010.

However, in the JLP's last year, the economy grew by 1.7 per cent.

Under Phillips as minister, the economy grew by 1.5 per cent in the last quarter.

However, from 2011-2014, the economy grew at an average 0.4 per cent.

According to Shaw the performance of the economy under his watch has to be analysed in the context of the world economic depression between 2008 and 2010 and record high oil prices.

"Although the price of oil was US$140 per barrel, we kept inflation down to six per cent. We brought interest rates down ... we cut it from 19 per cent to 9.5 per cent," Shaw said.

He said too that the Net International Reserve was US$2.8 billion when the JLP left office but it was drained to US$700 million by Phillips.

"A him bring we down to the brink, a nuh Man a Yard bring yuh down to the brink,"

Shaw, who is set to be the Finance Minister if the JLP wins the next election, said too that the dollar has devalued under the PNP despite him stabilising it at 86 to one for two years.

The exchange rate is now 122 to one.

"The dollar slide, den it wine and den all a we a get a dollar grind from Peter Phillips and the People's National Party," Shaw said.

The JLP spokesman also pointed to higher levels of unemployment under the PNP as evidence that it wasn't he who brought the country to the brink.