Economic history is often said to be a story of paradoxes and potentials. But after years of ups and downs, the country finally seems to have got the ingredients for economic stability right, according to a release from Visionaries Summit organisers.

With the assistance of the International Monetary Fund (IMF), Jamaica has made significant strides in restoring economic stability to date, the release says — so much so that Prime Minister Andrew Holness believes that the economic progress made by Jamaica in recent times can be used as a model for other countries to follow.

A panel discussion on the road to sustained growth for Jamaica will consider what life would be like in Jamaica if economic growth climbed to three per cent.

Regional business tycoon and former president of the Private Sector Organisation of Jamaica, Paul B Scott, will join Chief Executive Officer of the Wisynco Group, Andrew Mahfood; Chief Executive Officer of Jamaica Producers, Jeffrey Hall, and Chief Executive Officer of Proven Investments Limited, Chris Williams, in a thought-provoking discussion on ways to stimulate economic growth in Jamaica at the upcoming Destination Experience Visionaries Summit.

The local industry giants will hold a half-hour long discussion under the theme: ‘Driving the Economic Shift: Jamaica’s Growth Story’ slated for Friday, April 5 at 4:20 pm at the Spanish Court Hotel ahead of the Destination Experience Masters of Industry Reception.

Moderated by Diane Edwards, president of Jamaica Promotions Corporation (Jampro), they will share their perspective on Jamaica’s investment landscape, the challenges and what it will take to achieve true economic transformation.

Recent reports tell stories of Jamaica’s low inflation number, current account deficit being cut in half, business and consumer confidence at record highs and the lowering of Jamaica’s debt to GDP ratio to 96 per cent — the lowest rate in nearly two decades.

Minister of Finance Nigel Clarke, has said these are national achievements of which all Jamaicans can be proud. But the fact remains that Jamaica’s growth remains lacklustre even after seven years into the IMF’s reform programme.

“It raises the question: Can the most vulnerable truly relate to the much-talked-about national achievements?” the release said.

The IMF is of the view that the private sector has not fully taken advantage of the unprecedented opportunities presented by macroeconomic stability and strong fundamentals. On the other hand, the private sector believes that increased capital spending from Government is seen as the key for the business community to have growth trickle down to the average Jamaican through employment.

“One thing that the Government, private sector and the IMF can agree on is that economic growth in Jamaica will be stimulated by increased inputs from the private sector, to which 90 per cent of Jamaica’s workforce is currently employed,” the release said.

Designed to drive a shift in the economic outlook of Jamaica by offering accelerated networks facilitating high-level partnerships and investment, this year’s Destination Summit will be held under the theme ‘Capitalism, Inclusiveness, and Innovation in The Fourth Industrial Revolution’.

The summit will look at trending globally relevant subject matter aimed at promoting increased innovation and technology use in business.