Oppenheimer sees good signs for the Jamaican economy
Newly appointed managing director for investments at Oppenheimer & Company, Mark Scott says there are good signs for the Jamaican economy, based on what he described as “hopeful statistics”, such as a reduction in crime, declining interest rates and an improvement in the island’s worldwide corruption ranking .
Noting that the crime rate in Jamaica was at a 10-year low and treasury bill rates were at the lowest in 30 years, he said these factors have had a positive effect on the island’s investment climate. In fact, he said that he never could have imagined one year ago that the Jamaican economy would have held up so well and that the foreign exchange rate could be J$85 to US$1.
Scott was speaking at a recent Investor Briefing, hosted by Sterling Asset Management at the Terra Nova Hotel.
Scott predicted that over the next few years a “new normal” would come into effect in the US economy, characterized by inflationary pressures and lower yields.
Throughout his speech, the Oppenheimer executive reinforced the importance of understanding the risks associated with that “new normal”. He noted that there is currently a temptation for investors to take more risks in search of higher returns. However, he warned that investors must make an effort to understand the risks associated with each investment.
“The investor will now have to take a generalised approach to investment and look further afield for investment opportunities through companies, such as Sterling, which have the expertise and can manage these new investments on your behalf,” he said.
Speaking at the same function, Greg Fisher, Managing Director of Investments, also at Oppenheimer & Company, provided a synopsis of the major issues facing the US economy and what this will mean for developing countries. According to Mr. Fisher, rising unemployment and sluggish economic growth could still result in a “double dip”.
“Although the recession officially ended some time ago, it will take quite a while before the average consumer feels that the US economy is fully out of the woods” he said.
