In a matter of days, a task force of five CARICOM leaders will meet in Jamaica to discuss a regional approach to the global economic and financial crisis. The group – the third that the Caribbean has created on this issue – includes the president of Guyana and prime ministers of Barbados, Jamaica, Trinidad and St Vincent.
It need not be said that economies worldwide face a challenging year. The International Monetary Fund (IMF) in the most recent update to its World Economic Outlook predicted a 1.4 per cent contraction in the global economy for 2009 compared with 2008.
On Monday, August 3, Scotiabank Jamaica will reduce its base lending rate by one per cent, from 21.5 per cent to 20.5 per cent, passing through the one per cent reduction in the Bank of Jamaica (BOJ) interest rate of Friday, July 24.