G2K pleased with Moody's upgrade on J'can economy

Monday, July 30, 2018

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The recent upgrade of Jamaica's credit rating by Moody's Investors Service, from B3 with a stable outlook to B3 with a positive outlook, has pleased Generation 2000 (G2K), the young professional affiliate of the Jamaica Labour Party (JLP) — The upgrade was made public by the international ratings agency last week.

“The Moody's report speaks specifically to several areas in which the Government has put considerable work, such as shifting from direct taxation to indirect taxation, reducing spending on wages and interest and the major payments made against Jamaica's national debt,” G2K said in a press statenment. “

Moody's improved outlook on Jamaica's economy is a clear signal that the tough decisions that were made by the Government have strengthened international confidence in Jamaica,” said President Stephen Edwards.

“The good news from the credit agency emerged just days after Jamaica's Finance Minister Dr Nigel Clarke reported a 20 per cent increase in average annual foreign direct investment (FDI) for the period 2016/17 to 2017/18 when compared to the period 2012/13 to 2015/16.

G2K Vice-President Kadian Francis added: “With business and consumer confidence high, and unemployment levels falling rapidly, there can be no doubt that the partnership between the Government and the people of Jamaica is already bearing fruit. The indicators suggest that investment in the Jamaican economy and economic growth will further increase if we maintain the current level of fiscal prudence and support for government policy reform.

“Generation 2000 recognises that while the improved economic outlook for Jamaica shows that, the country is moving in the right direction, much work remains to be done. The organisation is encouraging the Government to push head with ongoing reforms that will build a resilient economy and promote prosperity for all Jamaicans,” G2K said.

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