Economic Growth Council to Prepare and Submit Report

Prime Minister, the Most Hon. Andrew Holness, has indicated that the Economic Growth Council (EGC) is to prepare and submit a report with proposals of various growth initiatives for the Government to undertake.

This report will follow a series of consultations already carried out by the EGC with over 50 stakeholders from Government, the private sector, the Opposition, international partners, as well as a range of other non-governmental organisations.

Mr. Holness, addressing a press conference at the Office of the Prime Minister on August 17, said the Government will review the report and make a determination as to what initiatives to move forward with.

“We will see what is possible, what is not, and what can be done now. So, we will go through a process of sequencing activities and developing a priority list, and then we will share that refined document with the public. This will allow us to have a kind of road map of activities as one of the deliverables of the EGC,” he said.

The Prime Minister explained that the EGC’s role will then shift to monitoring, supervising and evaluating the performance of the various stakeholders, and will report to the public on a quarterly basis.

“So (this is) creating an institution that will ensure that there is a well-established growth policy. A framework for growth… (which is) focused, targeted, institutionalised and will be there for generations to come, to keep Jamaica on track for economic growth,” Mr. Holness said.

The Economic Growth Council, chaired by businessman Michael Lee-Chin, was established in April of this year, with a mandate to drive economic growth. It has a target of achieving five per cent growth in gross domestic product (GDP) within four years.

Meanwhile, the Prime Minister reiterated the Administration’s push to refocus the public sector on playing the role of facilitator of growth, particularly as it relates to supporting the private sector.

He said growth is dependent on the Government being ‘market makers’, by providing the right regulatory environment, as well as creating markets where none exist, by bringing opportunities and resources together.

“Government must become more efficient, more agile in regulation, law enforcement, planning and giving support in terms of enabling business,” he said.