Business Leaders Push Back Against Azan’s ‘Worst Economy’ Statement

At least two business leaders are dismissing claims that the country’s economy is in the worst position it has ever been.

This follows comments from former president of the Jamaica Manufacturers Association, Omar Azan, suggesting the economic bubble is about to burst.

Speaking with Nationwide News, the leaders of the Private Sector Organisation of Jamaica, PSOJ, and MSME Alliance, say while there are problems in the economy, the country remains in a strong position.

Chevon Campbell tells us more.

This is Omar Azan, chief executive officer of Boss Furniture, speaking on Morning Agenda on Power 106 on Monday.

Mr. Azan served as president of the Jamaica Manufacturing Association between 2007 and 2011.

His views are not supported by PSOJ president, Metry Seaga, who’s confident the horizon is positive. Mr. Seaga credits both the current and previous administration for the work done in bringing the Jamaican economy to this point.

Similar to Mr. Azan, Mr. Seaga lamented the slow pace of interest rate reductions being passed on to borrowers by commercial banks. However, he says that cannot be the sole barometer of the country’s economic performance.

Meanwhile, MSME Alliance president, Antoinette Hamilton, says while there’s a clear need for decisive policy decisions to fuel growth the economy is not in the worst position it has ever been.