The Chief Executive Officer of NCB Capital Markets, Jamaica, Angus Young is predicting “slow 2024 economic growth in the Caribbean” this year, a likely circumstance which he attributes to various factors “such as struggling external demands, booming oil sectors, and historically low unemployment” according to a release from the entity. Mr. Young’s forecast came during his address to the 19th annual conference of the Jamaican Stock Exchange (JSE) held recently at The Jamaica Pegasus Hotel in Kingston.
The NCB chief executive reportedly told his audience that “despite expectations from a slowdown from the global economy, territories within the region are expected to grow, albeit at a slower pace.” This growth, he reportedly predicted, “will push their economies above their 2019 pre pandemic levels.” In his address, Young said that the likely slow economic growth in the region in 2024 could be “due to various factors such as struggling external demands, booming oil sectors, and historically low unemployment.”
In contrast to his prediction for most of the rest of the region, Young projects that “Jamaica is still projected to grow, boosted by strong external demands as well as higher expected government spending and easing of inflation growth in the economy”, factors which he said “should support crude corporate earnings albeit at a slower pace than in 2023.” Young’s predictions are reportedly supported by the Jamaica Chamber of Commerce Busi-ness Confidence Survey results from 2023, “which shows that the majority of local firms indicated that they anticipate favourable returns on their investments” with some 53 per cent of them believing “that now is a good time to invest though business confidence is slightly down.”
Young reportedly told his audience that such economic apathy as might obtain can be blamed on heightened geopolitical tensions globally as well as the effects of climate change. NCB Capital Markets Ltd. is one of the largest stock brokers in Jamaica having built its reputation on a legacy deriving from its provision as a full service wealth advisory and asset management firm.
