The best-laid plans of mice and Village Idiots often go awry
The 2008 Global Recession In 2008, The International Monetary Fund stated that the drying up of global credit after the collapse of Lehman Brothers and the ensuing Global recession would lead to serious concerns for Jamaica’s economic prospect and the sustainability. They declared that the country’s 1.5 trillion debt would put pressure on the country’s economy and exchange rates. However the then Minister of Finance the Honorable Audley Shaw dismissed the IMF concerns and declared that the Global financial crisis would not have any impact on the Jamaican economy. In fact the Minister of Finance the Honorable Audley Shaw stated that the Global recession would be opportunistic for Jamaica. He declared that, as a result of the recession, the Jamaican economy will grow +2.0% to +3.0% in the next fiscal year, as he moved to downplay concerns of the effects of a global economic slowdown. And in particular, any effects the looming recession in the United States will have on the Jamai...