Crime seriously hampering Jamaica’s growth — PSOJ president
PRESIDENT of the Private Sector Organisation of Jamaica (PSOJ) Paul B Scott on Tuesday said that crime is significantly hampering Jamaica’s economic growth.
“Crime is a huge impediment to the growth in our society. Over the last few days we have seen significant issues in Montego Bay, and if we want growth crime needs to be down,” said Scott.
He was addressing the PSOJ President’s Forum at the Jamaica Pegasus hotel in Kingston.
Referring to the newspaper supplement on the Economic Growth Council’s (EGC) ‘5 in 4 call to action’ as support for his statement, the recently appointed PSOJ president said there is no need for further studies on issues affecting Jamaica’s growth.
“We have studies in every cabinet, in every ministry.” The answers, he said, are already available “but we just have a problem with implementation.
“We must find the resources for fighting crime. If we have the will we can find the resources to deal with this issue.”
While noting that there are many positives to the country’s economy such as improved fiscal numbers, improved balance of payment and significant job creation, Scott lamented the high debt to gross domestic product (GDP) ratio.
According to the Ministry of Finance and the Public Service, the debt to GDP ratio stood at 120.2 per cent at the end of March, a significant reduction in, the 145 per cent at the start of the IMF’s Extended Fund Facility (EFF) in 2013.
The PSOJ president said, however, that the ratio is still too high and not a favourable position to be in as it would continue to be an impediment to Jamaica’s economic future.
Among his recommendations, he suggested that Jamaica should address the privatisation of Government assets in an aggressive manner to reduce its debt stock.
“Jamaica has underperformed more than every country globally. The only ones below us are the ones that have had huge, devastating wars and this is over 40 years.”
Scott stated that the country’s under-performance is unacceptable for the private sector and stakeholders in the society.
“Economic growth or lack of economic growth is the root cause of almost every aspect or issues that we have in this country and unless we take it seriously we will not progress… individually or as a society.”
He said economic growth is not abnormal, but “what is abnormal is to have 0.8 per cent growth over a 40-year period. We must work towards building a society that is focused on growth.”
The EGC has recommended nine growth initiatives for Jamaica. They are: maintain macroeconomic stability and pursue debt reduction; improve citizen security and public safety; improve access to finance; pursue bureaucratic reform to improve the business environment; stimulate greater asset utilisation; build human capital; harness the power of the diaspora; catalyse the implementation of strategic projects; and implementation of growth initiatives.