The Jamaica Stock Exchange since December 31, 2011 to date (Aug. 21, 2012) LOST JA$72 billion in value, dropping from JA$619 billion to J$547 billion. This according to leading financial sector leaders.
The primary reasons put forward by Financial Sector leaders are:
1. Falling Investor Confidence
2. Devaluation of the dollar
3. IMF agreement confusion and uncertainty, among other things.
This is on top of a US$600 million drop in the NIR; rising inflation, increasing unemployment;increasing interest rates and low business and consumer confidence. Just yesterday former head of the Jamaica Manufacturers Association Omar Azan pointed out his challenge in getting US dollars for his business. All of this since the change in government.
Sadly, with all the bad economic news and a government failing to give direction and confidence, Damian Crawford and other Ministers are idling away.