Prime Minister Andrew Holness
Prime Minister Andrew Holness has indicated his administration will be redoubling efforts to achieve growth during this term.
His Jamaica Labour Party administration came to power in 2016 with the mantra of growth and a target to achieve five per cent economic growth in four years.
The government missed that target by far.
Speaking at the resumption of the House of Representatives Tuesday afternoon, following the election of his administration for a second term, Mr. Holness acknowledged it will be hard to achieve growth.
"Improving competitiveness and the investment climate is a task that this government must now make a priority. Many issues have been raised about growth and now in the pandemic, certainly, it will be very difficult to grow," he admitted.
Mr. Holness said key to jump starting growth in the economy will be efforts to remove structural impediments.
Many reasons have been proffered as to why we're not growing but I would like to think that there are some institutional weaknesses, some structural weaknesses, some bureaucratic hurdles that have been in the way of growth. And now this administration in this time must be strong, must be strategic and must be deliberate in making the deep institutional reforms that are necessary in removing the bureaucratic hurdles that have prevented us from taking off. This administration must ensure that our public democracy is efficient so that we can gain the dividends of that efficiency in growth," he asserted.
The Planning Institute of Jamaica (PIOJ) recently reported that preliminary data show that the economy contracted 18 per cent in the April to June quarter when compared to the similar period last year.
It said economic contraction for the July to September quarter is projected within the range of eight to 10 per cent.