PSOJ assessing Brexit impact on Jamaica's Europe markets

The Private Sector Organisation of Jamaica (PSOJ) says it is currently doing an assessment to determine how the United Kingdom's exit from the European Union could impact Jamaica's markets in Europe.

Following the Brexit vote last night, the British pound sterling plunged to a more-than-30-year low against the US dollar, and economists fear that the vote to leave the EU could have the same effect as the 2008 global recession.

Many Jamaican businesses have markets in the UK and throughout the rest of Europe.

PSOJ President William Mahfood says he should have an initial analysis of possible effects of the Brexit vote later today.

Mahfood also says the UK's referendum sets the stage for Jamaica to reflect internally on its CARICOM membership.

Soon after taking office in February, Prime Minister Andrew Holness set up a Review Commission, led by former Prime Minister Bruce Golding to assess the value of CARICOM to Jamaica.

Mahfood says Jamaicans should first see what recommendations the committee proposes before exploring a referendum on CARICOM.