IDB Endorses Economic Growth Council

Story Highlights

  • The Inter-American Development Bank (IDB) has endorsed the establishment of the Government’s Economic Growth Council.
  • Mrs. Turner-Jones emphasised that a vibrant economy is built on productivity, is defined by clear rules, and aims to protect society’s most vulnerable, while providing employment. Most importantly, she added, a vibrant economy “must be growing.”
  • She said these attributes are synonymous with the newly rebranded IDB, which has ‘Improving Lives’ as its tagline.

The Inter-American Development Bank (IDB) has endorsed the establishment of the Government’s Economic Growth Council.

The Council, chaired by businessman, Michael Lee-Chin, will advise the Government on a framework of proposed initiatives that are expected to yield economic growth.

Caribbean Country General Manager for the IDB, Therese Turner-Jones, describes it as a step in the right direction, and that “creating a vibrant Jamaican economy is crucial to the kind of development that improves people’s lives.”

She was speaking at the Bank’s public lecture, held on Monday, May 2, at the Jamaica Pegasus Hotel in New Kingston, under the theme: ‘The 4th Revolution – The Global Race to Reinvent the State’.

Mrs. Turner-Jones emphasised that a vibrant economy is built on productivity, is defined by clear rules, and aims to protect society’s most vulnerable, while providing employment. Most importantly, she added, a vibrant economy “must be growing.”

She argued that not only will it embody economic factors, but also social and environmental issues.

Additionally, she said it will provide opportunities for persons seeking employment to realise their potential; facilitate education that supports high skilled jobs to drive productivity; and reduce informality, underemployment, crime and violence.

Mrs. Turner-Jones said it will also enable more social and financial inclusion; facilitate an innovative private sector that works in partnership with Government to build a dynamic economy; and an economy that safeguards the citizens’ wellbeing.

She said these attributes are synonymous with the newly rebranded IDB, which has ‘Improving Lives’ as its tagline.

“It (tagline) is the oar that guides our thrust for development in the region. Everything we do as an organisation must be sensitive to the changing needs in the environment and result in improving lives. We strive to improve lives in the Caribbean by creating vibrant economies where people are safe, productive and happy,” she added.

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