FINANCE and Planning Minister Peter Phillips says equitable distribution of resources in Jamaica will only materialise when the economy begins to record socially inclusive growth.

This, he said, 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”.

He added, however, that this will only be realised 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 contended, will “create tremendous social tensions which will, in turn, become a drag on our capacity to sustain high rates of growth”.

The minister was 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.

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 said.

However, 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.

— JIS