Resilience, No Growth – Hill

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Chairman of the JLP’s Economic Advisory Council, Aubyn Hill, says utterances by the Central Bank Governor about Jamaica exhibiting unprecedented resilience to inflationary shocks, is putting a good spin on a bad situation.

Mr. Hill says the emphasis on the so-called improved inflation resilience hides other bad news.

Yesterday the Bank of Jamaica Governor, Brian Wynter, noted that the economy is displaying unprecedented resilience to inflationary shocks.

He noted that despite significant bouts of depreciation that occurred in the last two fiscal years and a 25 percent increase in bus fares last September, inflation remains in single-digit range.

But, for Aubyn Hill, the unprecedented resilience to inflationary shocks can be interpreted differently.

Mr. Hill says the Central Bank Governor is attempting to paint a more optimistic picture of the reality.

Mr. Hill also says the BOJ has been assisted in controlling inflation by the government’s fiscal policies under the IMF programme.

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