Leaders in the business community have been comforted by Minister of Finance and the Public Service Audley Shaw's broadcast to the nation on Sunday night.

During his broadcast, Shaw sought to alleviate concerns about the state of the economy and some major players in the private sector agreed he struck the right chord with Jamaicans.

Omar Azan, president of the Jamaica Manufacturers' Association, told The Gleaner he was especially pleased that the Government indicated it was getting ready to implement a procurement policy his association had proposed to the former People's National Party administration. The policy would give manufacturers and service providers special and differential treatment in government procurement practices.

In addition to the new procurement policy, Azan supported the Government's planned investments to improve and expand agriculture and production.

Agriculture loan

During his broadcast, Shaw noted that the Government was providing a $3-billion loan for agriculture modernisation and agro-processing, as well as for small- and medium-enterprise expansion.

"There are many challenges out there at this point in time and I think the challenges are going to get worse by the first quarter of next year," Azan said.

He, however, agrees with Shaw that the country is not yet in crisis. In spite of Labour Minister Pearnel Charles' revelation that some firms were considering cutting staff in order to cut costs due to global challenges, Azan said he still had no such word from his members.

"I wouldn't say we are in a full panic. The challenges are getting a bit tougher," he, however, acknowledged.

"Business is nowhere where it is supposed to be or where it normally is at this time of the year and I am sure that further down, or in the first quarter in the year, it is going to get a little rougher," he added.

Crisis or not

President of the Private Sector Organisation of Jamaica, Chris Zacca, shared some of Azan's views.

"I wouldn't want to define it as a crisis or not a crisis. I just think that in such times there needs to be 100 per cent attention to what is going on," Zacca said.

He said Shaw's presentation contained the right message, but stressed that the Government needed to communicate more often.

"I would like to see from the minister more regular reports going to the people because I think the times are so serious it demands constant attention," Zacca said.

He added that, while Shaw delivered well, he did not address specific plans for the economy.

"He delivered in terms of what the Government is doing for the financial sector. However, in terms of business activity - consumption, tourism, manufacturing - there needs to be a more specific response based on what is happening on the ground as we go forward."