Failing grade for JLP on the economy

One of Jamaica’s leading financial analysts Ralston Hyman, has given the Jamaica Labour Party (JLP) a failing grade for economic performance over the last year.



Ralston Hyman said the Bruce Golding lead Government has failed to deliver on its key election promises in relation to the economy.



In fact, a year to the date since the party wrestled power from the People’s National Party (PNP), Mr. Hyman said under the JLP the economy has worsened.



It is exactly eight days now before Golding’s first anniversary as the head of Government.



The financial analyst said this time is too little for him to create a positive impression for the one-year mark on the economic front.



Golding assumed the reins of power promising more jobs, a reduction of interest rates to a single digit and low inflation.



The JLP also promised a reduction in the debt to GDP ratio, which is the amount of money the country borrows in comparison to Jamaica’s total value of goods and services.



The latest figures show that the Government has missed all of these indicators.



Mr. Hyman said the debt to GDP ratio will continue to grow because the projected economic growth rate of 2 to 4 percent is unlikely to materialise this year.



The projection was contingent on an improvement in the agricultural sector, as well as a year without a natural disaster.



Already the central bank has indicated that it will have to revise these rates downwards.



Mr. Hyman however commended the Government for using the cheap money under the Petro Caribe Fund to pay off high interest loans.



However, he said it should have done more.