Jamaica Needs to Increase Growth – Senator Wehby

Minister without Portfolio in the Ministry of Finance and the Public Service, Senator Don Wehby, is stressing the need for significant growth in the local economy, if Jamaica is to effectively address the challenges of its debts.
Addressing a Jamaica Stock Exchange junior market workshop at the Terra Nova Hotel in Kingston on Tuesday (Jan. 13), Senator Wehby noted that upwards of the last 40 years, since independence, the Jamaican economy has not recorded growth in excess of two per cent for any single decade. Additionally, he said that during the period, the economy had recorded a fiscal surplus only nine times.
“That two per cent is way below our Caribbean partners. I have thought about it. (and).. when you run a fiscal deficit all those years, there are two ways you can finance the deficit. You can borrow money, which we have been doing, and then (in doing so) you accumulate a huge debt, or, you can print money, which is inflationary. I don’t think any of the two options is good for any economy,” the Minister stated.
Against this background, Senator Wehby said the only practical solution is to grow the economy, adding that an important factor, in this regard, is the creation of the type of investment climate, which will facilitate the Government and entrepreneurs.
“The Government, private sector, all the stakeholders.., must find ways to unlock the entrepreneurial spirit of all Jamaicans, and we must ensure that the environment is such that their full potential is realised. We need to do things a little differently,” Senator Wehby underscored.