Friday, February 06, 2004

Ja: S&P down on Jamaica

"LEADING CREDIT rating agency Standard & Poors (S&P) yesterday lowered its long-term local currency sovereign rating on Jamaica to "B" from "B+" and revised its outlook on its long-term rating to "negative" from "stable"."
...
"George & Branday's Business Development Manager, Keith Collister said 'The downgrade serves to emphasize how narrow the tightrope is on which the Jamaican economy is currently balanced.

"In my opinion, S&P has acted after reviewing our nine month fiscal numbers, the actual trigger probably being yesterday's formal admission that we will miss our fiscal target of 5-6 per cent of GDP for this fiscal year, and their estimate that it will actually be around 7.6 per cent of GDP'."

See this article, too.

Okay. So what will the government do to get the economy fired up? What free-market policies will it implement? What changes will it make?

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