Socially Inclusive Economic Growth for Jamaica Being Emphasized

Finance and Planning Minister, Dr. the Hon. Peter Phillips, says equitable distribution of resources in Jamaica will only materialize when the economy begins to record socially inclusive growth.

This, he explains, is growth that is not only sustained, over time, but brings into the country’s economic framework, “those sections of the population that have been historically excluded.”

This, the Minister says, will only be realized if, among other things, more local businesses and investors help entrepreneurs, particularly those in the micro, small, and medium-sized enterprise (MSME) sector, to access financing through sources, such as venture capital options.

Anything short of this, Dr. Phillips contends, will “create tremendous social tensions which will, in turn, become a drag on our capacity to sustain high rates of growth.”

The Minister underscored these points while addressing the Institute of Chartered Accountants of Jamaica’s (ICAJ) business conference, on the theme: ‘Going for Growth’, at the Jamaica Conference Centre, downtown Kingston, on Saturday (November 8).

While noting early successes recorded by the Government’s economic reform programme, that primarily targets growth, Dr. Phillips said sustained growth requires continued focus on fiscal discipline.

“Sustained growth is going to require an economy and a national decision making process that is flexible, that is adept, that is able to move at the pace of the global economy, and that is able to be innovative,” the Finance Minister contended.

While pointing out that the foundation has been laid for creating this type of economy, Dr. Phillips stressed that much more needs to be done to achieve this.