Gov’t Has Laid Foundation for Growth – Lee-Chin

Economic Growth Council Chairman, Michel Lee-Chin, says a substantially sound macroeconomic foundation has been laid that can now propel Jamaica towards generating higher levels of growth.

“The table has been set,” he said, while presenting the EGC’s third quarter report at the Spanish Court Hotel in New Kingston on Thursday, July 27.

Among the indicators, he said are a stable currency, historically low inflation, lower energy costs, strong net international reserves, heightened business and consumer confidence,  and multilateral agency support.

He noted that the Administration is endeavouring to fulfil its role as an enabler and facilitator of an environment that is conducive to growth.

“(Once) the Government enables and facilitates, the private sector will deliver growth…that’s the partnership (that) we have,” the Chairman pointed out.

Mr. Lee-Chin said the EGC members were heartened by the positive feedback from a number of representatives of the over 155 stakeholder groups and organisations with whom the Council has had consultations over the last 15 months

“We have set a goal of achieving five per cent growth (per annum) by 2020 (which) many have said (is) ambitious. But we are all agreed that for Jamaican to achieve its full potential, regionally and internationally, we must all stretch ourselves beyond our own expectations and chart a path to create wealth for Jamaica,” Mr. Lee-Chin pointed out.

“We realise that (many of) the stakeholders of Jamaica are ready for a change. They are most confident in what it is they see happening and they are pulling their weight as best as possible,” he added.

Council member, Paula Kerr-Jarrett, who endorsed Mr. Lee-Chin’s views, said based on the gains made thus far “it’s about time that we (move) from macroeconomic stability, which is fantastic, and start to build on that foundation that has been provided.”

“I encourage everybody to give it everything…give it your all…because this is our nation and we can continue to grow and grow exponentially if we all decide and make up our minds to make Jamaica a success so that we can continue to prosper and thrive as a nation,” Mrs. Kerr-Jarrett said.

For his part, Council member, Patrick Hylton, also emphasised the need to advance from wishing for higher economic growth to executing the requisite measures and engagements that will realise this goal, adding that it was important to believe in this vision.

“That is why we at the EGC have determined that in phase two, our focus has to be on effective execution. (We) know that we have challenges. We have areas where there has been underperformance (and) areas where there has been strong performance, I daresay over-performance. We have to focus on correcting the areas of underperformance, encouraging the areas of over-performance,” Mr. Hylton said.