Omar Azan
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Former JMEA President Omar Azan
By Nakinskie Robinson
Former President of the Jamaica Manufacturers and Exporters Association, Omar Azan, has taken issue with the state of the economy and overall growth strategies implemented to support the manufacturing sector.
Providing his review of Finance Minister Fayval Williams' maiden budget presentation, Mr. Azan put the government and the central bank on notice, arguing that both must swiftly find ways to stimulate economic growth or risk further worsening of the economy.
"It's probably the worst I've seen in the 30-odd years I've been in business. The buying power is the weakest and government needs to find ways to
catalyze the economy to be able to grow. We tried our best few years ago and Jamaica started to see growth. But right now, they've done so many things to stagnate the industry," he contended.
Mr. Azan said interest rates must come down quickly, as he urged the Bank of Jamaica to "come out of their tunnel vision and start thinking out of the box to manage the economy in a dying stage".
He said some business operators have reported a downturn of up to 50 per cent in sales and retail trade while their expenses are rising.
"So the minister and the government has a lot to do, and the Bank of Jamaica and our commercial banks, to try and stimulate this economy," he stressed.
He was a guest Thursday on the Morning Agenda on Power 106FM.
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