PIOJ Head Says Expansion of Economy Requires Strong Private Sector

Director General of the Planning Institute of Jamaica (PIOJ), Colin Bullock, says expansion of the economy requires a strong private sector, fiscal consolidation, and strategic investments or mega projects.

He also listed capacity building of micro, small and medium-sized enterprises (MSMEs), proper spatial planning, a strategic framework to guide urban development and investment decision making, foreign exchange earnings from local value added endeavours, and social transformation among the growth imperatives.

Mr. Bullock was speaking at a workshop jointly sponsored by the Montego Bay Chamber of Commerce and Industry and Jamaica Money Market Brokers Limited (JMMB), held at the Wexford Hotel in Montego Bay, on August 27.

The workshop was designed to bring the Montego Bay business community up to speed with ‘The New Tax Imperatives’.

Mr. Bullock explained that a stronger private sector would be able to absorb more persons seeking employment, as reform of the public sector demands that the wage bill be kept at a certain level.

He pointed out that reform of the public sector employment regime is a requirement of the current International Monetary Fund (IMF) agreement with Jamaica, and that “this is the time for the private sector to step up, to grow, to be more dynamic and be able to absorb workers not having employment in a reformed public sector.”

Mr. Bullock pointed out that the economy grew by 1.6 per cent for the January to June period,   and it is projected that there will be 1 per cent growth for the July to September quarter.

Meanwhile, Chamber President, Nathan Robb, told JIS News that the workshop was necessary, as recent legislative changes and administrative reforms to the taxation and fiscal systems were introduced at such a pace, that many members of Montego Bay business community were not familiar with them.

He said that the large turnout at the event showed that members wanted to be compliant with the new business practices and obligations, which were already being enforced by Tax Administration Jamaica (TAJ).