The private sector is concerned about the rapid slide in the dollar, but the PNP government is not, given that the Peter Phillips is on record as saying its good for Jamaica.
Business confidence is low, but the PNP government in unconcerned, as after 5 whatnot retreat they have done nothing.
The only people who appears to concerned is business persons and the middle class. The PNP has told the poor that the more the dollar slide the more they will get for their remittance , but not that the price increases would wipe out all that gain.
PNP say sliding dollar is good for Jamaica and from its the PNP say so, it must be true !
The idea of a very high exchange rate is to make imports expensive, exports cheap and to support local consumption.
My problem is it does not work in the Jamaica environment and its NOT the fault of government only, its the private sector and ordinary Jamaicans
When its convenient we want Jamaicans to support by Jamaica, but on the other hand (we more like they) have the propensity to import high cost luxury items, not to support the business, but either to adorn their offices or car park.
This and other government have given up $billions every year in waivers, but what has been the benefit to the country, show me one area where we can say, the waiver given, has allowed this sector to grow and is not contributing $10x to the economy vs $x 5 years ago. ( (Don’t tell me tourism)
They may be out there and I am not aware as I am not a repository of all knowledge.