KINGSTON, Jamaica – Some of Jamaica’s civic leaders are warning that, with the United States facing its toughest economic crisis since the Great Depression, it could be some time before the island sees benefits from the policies of US President-elect Barack Obama.
Obama, a Democrat, won the presidential election on Tuesday, scoring a convincing victory over Republican John McCain to become the first African American elected to the post.
Many voters said they cast their ballots for Obama as an indictment on the failed economic policies of current President George W. Bush. In a crash reminiscent of the 1929 debacle, the US stock market plummeted in September, sending shock waves through that country’s business community.
Tough times
Omar Azan, president of the Jamaica Manufacturers’ Association, said the manufacturing sector in the US was going through tough times and that one of the challenges that will face Obama, when he takes office in January, is getting it back on track.
“I think he’s going to do the same thing we are doing, which is restructuring. It’s logical that he’s going to look after the home market,” Azan said.
An encouraging sign for manufacturers, Azan pointed out, was Obama’s vow to reach out to small countries.
“We are not sure what his plans are, but he seems to be a person big on dialogue,” he said.
Marjory Kennedy, head of the Jamaica Exporters Association, agreed, arguing that Democrats have always been more receptive to foreign.
Encouraging for exporters
With that party strengthening its hold in the Senate and House of Representatives, she suggested these are encouraging times for exporters.
“Even then, as far as exports are concerned, things are still going to be tight for a while,” she said.
Jamaica Chamber of Commerce president, Milton Samuda, said the fractious US economy was likely to prevent any positive spin-offs.
“I’m not an economist so I don’t know when, if any, changes will come but, as Obama said, this will not come overnight,” Samuda said.
Related Videos
