Advertisement
JIS News

Story Highlights

  • The Planning Institute of Jamaica (PIOJ) is forecasting positive economic growth for 2016, continuing on trends from 2014 and 2015.
  • Mr. Lumsden noted that while the programme has had some “contractionary effects,” these have been necessary in creating the platform for sustained growth and job creation.
  • The labour market forum attracted persons from the private sector, trade unions, training institutions, among other areas.

The Planning Institute of Jamaica (PIOJ) is forecasting positive economic growth for 2016, continuing on trends from 2014 and 2015.

“We expect another year of positive growth (for) the calendar and fiscal year,” said Deputy Director General of the PIOJ, Richard Lumsden, at a recent labour market forum at the Jamaica Pegasus hotel in New Kingston.

He said the growth momentum is “an achievement” given the context of the overall economic programme, which is aimed at achieving fiscal consolidation, macro-economic stability, high levels of economic growth, employment, and social protection for the most vulnerable sections of the population.

Mr. Lumsden noted that while the programme has had some “contractionary effects,” these have been necessary in creating the platform for sustained growth and job creation.

He pointed out that the programme has been making an impact in terms of facilitating investment projects, which generate employment.

He said progress is also being made in terms of business competitiveness, human and community security, crime and violence, and environmental resilience as it relates to reducing the impact of disasters and increasing adaptation to climate change.

Meanwhile, Mr. Lumsden cited a number of emerging industries which, he said, offer vast economic opportunities. These include animation, sports, the cannabis industry, medical tourism, and renewable energy.

These industries, Mr. Lumsden pointed out, are “very important for inclusive growth, and fostering and supporting the development of the Micro, Small and Medium-sized Enterprise (MSME) sector. Sport is becoming more recognised as an economic opportunity.”

The labour market forum attracted persons from the private sector, trade unions, training institutions, among other areas.

It focussed on training to facilitate economic growth; and strategies to create greater linkages between training providers and employers in an effort to increase employment, and to ensure that programme offerings are in keeping with present and future labour market needs.