The Private Sector Organization of Jamaica, PSOJ President Howard Mitchell, says his members have adopted a ‘wait and see’ approach as the world braces for the possibility of a recession in the global economy.
Mr. Mitchell says while there are no jitters in the private sector the situation is being monitored closely.
Fears of a global recession intensified on Wednesday due to a looming trade war between two of the world’s super powers, the US and China .
However, US stock markets rebounded Thursday afternoon as upbeat retail sales data offset recessionary fears.
Mr. Mitchell says the private sector is hoping for the best.
He says recent economic gains in Jamaica augurs well for the island’s potential ability to cope should the global economy slip into recession.
I’m the meantime, Mr. Mitchell says small business operators continue to suffer due to what he describes as the swift fluctuation in the Jamaica dollar.
In recent weeks, the dollar has fluctuated between approximately $138 to USD$1 and $131 to the greenback.
Mr. Mitchell says he anticipated another meeting soon between the captains of industry, central bank representatives and the Government.
Howard Mitchell, President of the Private Sector Organization of Jamaica, PSOJ, speaking today with Nationwide News.