Golding has been in office since the ruling party defeated the opposition People's National Party (PNP) in a 2007 general election and has overseen a struggling Jamaican economy. "The challenges of the last four years have taken their toll, and it was appropriate now to make way for new leadership to continue the programs of economic recovery and transformation while mobilizing the party for victory in the next general elections," Golding said in a statement. His statement was issued in a news release by the youth affiliate of his party called Generation 2000. The plan is for Golding to quit as JLP leader at the party's annual conference in November. He would step down as prime minister as soon as a new party leader has been chosen. Jamaica's services-centered economy shrank in 2010 and suffers from high unemployment and poverty rates. A change in party leader could improve the JLP's chances of retaining power in the next elections, constitutionally due by December 2012. But the JLP central executive said it would reject Golding's decision to step down and would seek an urgent meeting with him to try and change his mind. The opposition PNP welcomed Golding's decision to quit and called for an election to be held as soon as possible. The PNP executive committee met late on Sunday and said an election was needed to overcome what it called a "crisis" in Jamaica.