Table 6.2. Employed Labour Force by Industry Group, October 2008 - April 2010 Industries Wholesale & Retail, Repair <strong>of</strong> Motor Vehicle, Cycle, Personal & Household Goods October 2008 April 2010 Jobs Lost 219,500 205,000 -14,500 Construction and Installation 105,700 92,900 -12,800 Transport, Storage and Communication 84,200 72,000 -12,200 Health & Social Work 33,600 22,500 -11,100 Other Community, Social and Personal Service Activities 58,400 49,200 -9,200 Mining & Quarrying 9,300 3,000 -6,300 Education 72,200 66,500 -5,700 Manufacturing 81,100 76,000 -5,100 Private Households with Employed Persons 63,600 59,400 -4,200 Electricity, Gas and Water Supply 9,100 6,600 -2,500 Real Estate, Renting & Business Activities 54,700 52,200 -2,500 Industry Not Specified (Incl. Extra-Territorial Bodies) 6,400 4,200 -2,200 Public Administration & Defence; Compulsory Social Security 52,900 51,100 -1,800 Hotels & Restaurants Services 78,600 79,000 400 Agriculture, Hunting, Forestry & Fishing 223,600 224,500 900 Financial Intermediation 21,600 23,800 2,200 Total Employed Labour Force 1,174,500 1,087,900 -86,600 Source: Statistical <strong>Institute</strong> <strong>of</strong> <strong>Jamaica</strong> Three industries recorded increases in employment over the period, Agriculture, Forestry & Fishing, Hotels & Restaurants Services, and Finance & Insurance Industries. This increase in employment is consistent with the value added recorded within the industries over the period. 4.4 Decrease in Loans & Advances: Since the intensification <strong>of</strong> the impact <strong>of</strong> the global recession on the <strong>Jamaica</strong>n economy, the stock <strong>of</strong> Loans & Advances to the Productive sector have tapered <strong>of</strong>f (see Figure 4) indicating the general ‘wait and see’ approach adopted by the business sector in light <strong>of</strong> the uncertainty <strong>of</strong> the extent <strong>of</strong> future job cuts and its impact on aggregate demand. Additionally, the recession has put a downward pressure on prices, thus adversely affecting the value <strong>of</strong> collateral which negatively impact investors’ chances <strong>of</strong> getting a loan. 89
J$ million Mar-10 Dec-09 Sep-09 Jun-09 Mar-09 Dec-08 Sep-08 Jun-08 Mar-08 Dec-07 Sep-07 Jun-07 Mar-07 Dec-06 Sep-06 Jun-06 Mar-06 Dec-05 Sep-05 Jun-05 Mar-05 Dec-04 Jun-10 May-10 Apr-10 Mar-10 Feb-10 Jan-10 Dec-09 Nov-09 Oct-09 Sep-09 Aug-09 Jul-09 Jun-09 May-09 Apr-09 Mar-09 Feb-09 Jan-09 Dec-08 Nov-08 Oct-08 Sep-08 Aug-08 Jul-08 Jun-08 May-08 Apr-08 Mar-08 Feb-08 Jan-08 FIGURE 4: LOANS TO THE PRODUCTIVE SECTORS 150,000.00 120,000.00 90,000.00 60,000.00 30,000.00 0.00 4.5 Increase in Real Commercial Interest Rate: Real interest rate reached 5.5 per cent in March 2010 (see Figure 5), turned downwards to 4.9 per cent in June 2010 but has started to turn up again, reflecting a faster decline in inflation than the nominal interest rate, which is expected to continue in the short-term. FIGURE 5: REAL COMMERCIAL INTEREST RATE 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% -1.0% -2.0% Months 90
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i A GROWTH-INDUCEMENT STRATEGY FOR
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To the many ordinary Jamaicans who
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Preface The Jamaican economy has ex
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for making a determined start on th
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the private sector groups, listed b
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Citibank N.A. Jamaica Branch Grace
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need for “additional fiscal space
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Chapter 2 ________________ Summary
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1.0 The Economic Situation Today 1.
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expected to provide an essential an
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Table 2.1. The Policy Framework: A
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programme of social inclusion that
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Strategic Focus Table 2.2. Growth S
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6.0 Short-Term Growth Stimulus 6.1
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decline of 2.0 - 2.2 percentage poi
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Table 2A.2. NWA Projects To be Fast
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Table 2A.5. Community Renewal Proje
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Table 2B.3. Impact of Repairing Far
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Appendix 2C Methodology of the Grow
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Part I _________ Overview 28
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2.0 Vision 2030 Jamaica Before delv
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3.0 May 2010 Security Event and Aft
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the longer than anticipated global
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April July October January April Ju
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6.0 Logistics are Essential for Tou
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Part IV ________________ Policies a
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Current Status: Cabinet by decision
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B ____________________ Eliminating
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Commercial Bank loan rates have als
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5.0 Expected Outcomes These measure
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capital, mainly in the form of equi
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Table C.1. Proposed Implementation
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Locally, the Scientific Research Co
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Develop formal and informal links t
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D ____________________ Business Pro
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5.0 Recommendations Based on the ma
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2.5 Coexistent with the levels of u
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industry as well as provide funding
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Table E.2. Unemployed Labour Force
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indirect losses experienced when th
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Table F.1 (continued) Area Type of
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G ____________________ Community Re
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Figure G.1 Community Renewal Progra
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Table G.2 Phased Implementation Pla
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deliver services in an efficient an
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With the benefit of hindsight, some
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Figure C.1. National resilience is