Stakeholders in the manufacturing and export sectors are optimistic that the economy will begin to rebound by September and are ready to invest in expanding their output.
President of the Jamaica Manufacturers and Exporters Association (JMEA), Richard Pandohie, tells JIS News that more than 40 per cent of the JMEA’s members believe that the economy will start to show recovery by the end of the third quarter of 2021.
He says that more than 33 per cent have indicated that they will increase spending to boost production.
He notes that the optimism is spurred by vaccine development, the easing of restrictions, and signs of recovery of tourism and hospitality, which will help to reduce the level of contraction of the industries.
Mr. Pandohie tells JIS News that while the manufacturing and export industries were significantly impacted by the onset of the coronavirus (COVID-19), the sectors have not had the level of fallout that was initially anticipated.
“Overall, the manufacturing and export industries have shown resilience despite the challenges, and it is estimated that more than 90 per cent of the workforce employed to the sectors were able to retain their jobs,” he says.
The JMEA President informs that the impact of the pandemic resulted in approximately 55 per cent of manufacturers and exporters experiencing cash flow issues, which affected their credit facility or ability to finance themselves.