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The EGC recognizes insecurity in Jamaica as having deterred investment, destroyed capital formation, and discouraged business development.“Improving citizen security is the single most important growth-inducing reform that Jamaica can undertake,” the report says, recommending a restructuring of law enforcement agencies, a criminal justice reform, as well as addressing the social causes of crime and violence.ttracting over two million visitors a year, Jamaica has among the strongest and most diversified tourism products in the Caribbean region.The sector accounts for over half of the country’s foreign exchange earnings, one quarter of GDP and of employment.Jamaica Chamber of Commerce President Warren Mc Donald seconds this assessment in a report by the EGC, “Jamaica’s poor track record of economic growth since our achievement of Independence is evidence that the many initiatives that we have attempted nationally have not borne fruit to any significant level.” Following Mr.Holness’ 2016 election campaign, the slogan of which was “From Poverty to Prosperity,” the newly elected prime minister promised a new strategy to achieve sustainability, to be kick started by the newly established EGC, and sustained in the long term by an educational reform to ensure a highly-qualified workforce.Tackling this issue is therefore a crucial component of the country’s ongoing socioeconomic transformation.
“Jamaica is blessed with an abundance of natural resources and human potential but somehow, these have not been converted to sustainable economic growth for the majority of our independent experience,” says Economic Growth Council (EGC) Chairman Michael Lee Chin.
To further take advantage of this strength, the Andrew Holness Administration has implemented a long-awaited educational reform slated to take effect at the start of the 2017 school year.
A key part of this reform was the establishment of Spanish as the second national language.
“We are emboldened by our recent collective experience where the application of societal resolve towards achieving fiscal sustainability has borne much fruit,” said Mr.
Lee Chin of the encouraging trend in dept-to-GDP ratio.