Increased Productivity Helps Keep Inflation Low – Minister Williams
By: , October 25, 2018The Key Point:
Photo: Rudranath Fraser
Minister without Portfolio in the Ministry of Finance and the Public Service, Hon. Fayval Williams (centre), engages with Bustamante Industrial Trade Union (BITU) President, Senator Kavan Gayle (right); and Sagicor Chairman, Richard Byles, at the 2018 Productivity and Continuous Improvement Conference hosted by Make Your Mark Consultants (MYMC), at The Jamaica Pegasus hotel in New Kingston on October 24.The Facts
- She said that low productivity results in “cost increases that flow through to product prices and thereby raised inflation”.
The Full Story
Minister without Portfolio in the Finance and the Public Service Ministry, Hon. Fayval Williams, is emphasising the importance of increased productivity in staving off potential inflationary pressures.
She said that low productivity results in “cost increases that flow through to product prices and thereby raised inflation”.
“For a country, productivity growth is important because being able to provide more goods and services to its citizens translates into better quality of life. Ultimately, that is what we want,” she added.
Mrs. Williams was participating in a panel discussion at the 2018 Productivity and Continuous Improvement Conference hosted by Make Your Mark Consultants (MYMC) at The Jamaica Pegasus hotel in New Kingston on October 24.
She said investment in human capital development will increase labour productivity and expand the range of the productive capacities of the Jamaican people.
President of the Bustamante Industrial Trade Union (BITU), Senator Kavan Gayle, agreed that investment in human capital, including training and certification, is critical for increased productivity.
“It calls for good interpersonal skills; it also means computer literacy, as jobs are constantly changing. It also requires the capacity and ability to work as part of a team if we are going to promote productivity,” he said.
Mr. Gayle pointed out that the Jamaica Productivity Centre (JPC), which was established in 2003, is a valuable agency, which needs to be financially strengthened to “continue to drive the focus of productivity in the country”.
Other panellists included Executive Director at the Caribbean Policy Research Institute (CaPRI), Dr. Damien King; Sagicor Chairman, Richard Byles; and Wisynco Chairman William Mahfood.
Managing Director of MYMC, Jacqueline Coke-Lloyd, said the conference, which is in its second year, is aimed at discussing the issues that contribute to low productivity in the country and to examine best practices and solutions to addressing these.