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The Jamaica Chamber of Commerce (JCC) is reporting a plunge in business confidence as the global recession worsens.
The latest JCC survey shows business confidence is down by 89.9% from a high of 115.9% recorded in the third quarter of 2008.
Professor Richard Curtin, head of the Survey Research Centre at the University of Michigan in presenting the findings of the JCC's Fourth Quarter Business Confidence Survey for 2008, said consumer confidence also fell by late 2008 to 125.7%, the lowest level in more than two years.
The survey revealed that this was largely attributed to concerns about the availability of jobs and the state of the economy.
According to Professor Curtin consumers seemed ill-prepared for the enormity of the financial crisis and how it is likely to impact their lives.
"The threats to the Jamaican economy are more serious than consumers now recognize and in terms of preparing the population for these difficult economic times, you don't want consumers surprised by these dreadful conditions," he said.
http://www.radiojamaica.com/content/view/14888/52/
The latest JCC survey shows business confidence is down by 89.9% from a high of 115.9% recorded in the third quarter of 2008.
Professor Richard Curtin, head of the Survey Research Centre at the University of Michigan in presenting the findings of the JCC's Fourth Quarter Business Confidence Survey for 2008, said consumer confidence also fell by late 2008 to 125.7%, the lowest level in more than two years.
The survey revealed that this was largely attributed to concerns about the availability of jobs and the state of the economy.
According to Professor Curtin consumers seemed ill-prepared for the enormity of the financial crisis and how it is likely to impact their lives.
"The threats to the Jamaican economy are more serious than consumers now recognize and in terms of preparing the population for these difficult economic times, you don't want consumers surprised by these dreadful conditions," he said.
http://www.radiojamaica.com/content/view/14888/52/