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Fast track development approvals to stimulate economy, says Chung

Published: Tuesday December 24, 2013 | 8:44 am Comments 0
Dennis Chung - File
Dennis Chung - File

Chief Executive Officer at the Private Sector Organisation of Jamaica, Dennis Chung says the government will have to take decisive action to increase activity in the economy following the slump in business and spending this Christmas.

Chung says people’s reluctance to spend is a manifestation of the generally low confidence in the market.

He is predicting that the first quarter of next year will be tough for businesses and ordinary Jamaicans.

However, Chung believes the government can stimulate the economy by fast tracking development approvals and taking decisive action to stem crime.

With just one day left before Christmas, the owners and managers of several establishments in the Corporate Area have revealed their disappointment at the small number of customers who have shown up at their doors.

And last week the Bank of Jamaica said it was yet to see the strong demand for cash that is customary for the holiday season.

In its latest currency update it said it expected $71.8 billion to be in circulation by Christmas.

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