IDB Official Praises Strong Economic Progress

The Inter-American Development Bank (IDB) says Jamaica continues to make strong economic progress, with the country’s economy poised to generate continued growth.

According to the Lead Economist at the organisation, Dr. Henry Mooney, the significant strides made by the Government over the last few years have ensured macroeconomic stability and fiscal sustainability, and facilitated economic expansion.

He was speaking Thursday (October 4) at the Business Process Industry Association of Jamaica (BPIAJ) ‘President’s Forum’ at the Usain Bolt Tracks and Records in Montego Bay, St. James.

“Most would agree with me that Jamaica is now in a position to do things it hasn’t been able to do for the last two or three decades… . The very significant efforts of the Government over the last few years caused macroeconomic stabilisation, investment in the right areas and re-establishing market access. As you see, the prospects are improving dramatically… and that’s a very good sign for everyone in this country,” he said.

Dr. Mooney told the forum that Jamaica’s economic future is one of optimism, and urged players in the business process outsourcing sector and other private-sector entities to take a more proactive approach to aid in accelerating economic growth.

“What this country needs in order to move much more quickly forward in terms of poverty reduction and growth is to bend the slope of that line up, and one of the best ways to do that is for sectors like yours, tertiary sectors and services to become more active and reproductive,” he pointed out.

Dr. Mooney praised the Government for maintaining the fiscal stance that continues to generate steady improvements in Jamaica’s economy.

He noted that Jamaica’s debt burden is projected to make further rapid decline, providing more capital for private-sector investment.

“We are now projecting that debt will fall fast and further than almost every country in the region and perhaps in the world, and that is a good story. It’s being done the right way through reforms of institutions and policies,” he said.

“So why is that important for you; because it is the backdrop against which the private sector can operate here. With government debt burden coming down, you probably have already seen financial markets have loosened up, as the Government isn’t borrowing from the banking system as it was before. This releases capital for your sector and for other sectors likely to invest in themselves,” Dr. Mooney pointed out.