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For the last six months, the country, indeed the world, has been regaled with the likely impact of a global recession similar to that which battered the American economy of the 1930s. As a result, we have seen job cuts, companies scaling back their operations and generally a contraction of business in anticipation of the worse to come.

Earlier this week, the Planning Institute of Jamaica (PIOJ) revealed that for the first quarter of this year, Gross Domestic Product (GDP) fell by 2.8 per cent and all industries in the local goods-producing sector, except agriculture, registered declines. The country’s leading foreign exchange earners, namely tourism, mining and were remittances all victims of the global recession and all saw a downturn in receipts.

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