PIOJ Launches Inclusive Growth Index Framework

The Planning Institute of Jamaica (PIOJ), today (February 8), launched the Inclusive Growth Index Framework (IGIF), a comprehensive measurement tool for growth.

The index, developed by the PIOJ’s Growth Inducement Programme (GIP), provides a more comprehensive understanding of the inter-relatedness of key drivers of growth specific to Jamaica.

In his remarks at the virtual launch, Director General, PIOJ, Dr. Wayne Henry, said the IGIF encapsulates critical focus areas, including equality and equity, health, human capital, environmental quality, social protection, safety and security, and wealth.

“By consolidating indicators relevant to Jamaica into key sub-indices on a composite index, the IGIF provides a comprehensive basis for measurement tracking and in-depth analysis, offering valuable insights for the creation of policy responses and proactive initiatives tailored to our people’s diverse need,” Dr. Henry said.

He noted that the launch marks a significant milestone in Jamaica’s development, as the PIOJ officially presents a powerful new tool that was created to significantly increase Jamaica’s ability to achieve the goals and targets outlined in Vision 2030, Jamaica’s national development plan to attain improved economic and social outcomes for all.

“The many years of collaborative effort that has gone into conceptualising and developing this tool, has been driven by a commitment shared by many stakeholders to expand the traditional economic growth models, recognising the imperative of inclusive and sustainable development,” Dr. Henry said.

The Director General noted that the demand for such measures has grown significantly, fuelled by a global shift towards recognising the interplay between economic growth and social and environmental factors.

He said that the 2008 financial crisis and the adoption of the Sustainable Development Goals (SDGs) in 2015 by the 193 member states of the United Nations, underscored the importance of moving beyond gross domestic product (GDP) as a sole indicator of progress.

While acknowledging the existence of global indices such as the United Nations Development Programme’s Human Development Index, the IGIF distinguishes itself by being tailored to Jamaica’s specific situation.

“Furthermore, the IGIF’s wider scope and its focus on understanding the interrelatedness of key drivers of growth makes it a powerful tool for informed decision-making and sustainable development planning. Importantly, the IGIF is not only ground-breaking for Jamaica but globally, as it is a framework that other countries can use to model their respective circumstances in pursuit of inclusive growth,” Dr. Henry said.

“It recognises the critical importance of internal nuances in shaping a nation’s development path, balancing external benchmarking, with the unique characteristics that make each country distinct,” he added.

Dr. Henry expressed appreciation and congratulations to the wider PIOJ team for their efforts in conceptualising and executing development of the tool.

He also expressed gratitude to all stakeholders, such as the PricewaterhouseCoopers team, the Foundation for Competitiveness and Growth Project (FCGP), and the World Bank for providing the financing that allowed the IGIF to come to fruition.

“We anticipate the positive impact the IGIF will have on Jamaica’s targeting of robust, sustainable and inclusive economic growth to make Jamaica the place of choice to live, work, raise families and do business,” Dr. Henry said.

Since 1934, gross domestic product (GDP) has helped economists to measure and compare basic growth between countries.

Now, the output of the IGIF will serve a wide cross-section of policymakers, economists, researchers, journalists and all who impact or are impacted by Jamaica’s economy in a detailed, refined and proactive way.