JERSEY is not heading towards recession, the Treasury Minister said today after the news that the economies of Guernsey and the UK are going into decline.
Senator Terry Le Sueur said that there was, as yet, no evidence to suggest that Jersey would suffer the severe downturns which were being forecast elsewhere. He said: ‘As far as we are concerned, defining whether we are in recession is quite difficult. The report published by the Fiscal Policy Panel in September suggested that the Island could look forward to continued economic growth, but at a reduced level.
‘The panel are updating their report during November in advance of the Budget and, although the economic situation continues to be uncertain, I have not yet recei-ved any information to alter the opinion that we continue to enjoy smaller economic growth.’
Dougie Peedle, the States economic adviser (pictured), agreed that there was no indication that Jersey was sliding into recession.