Gov't urged to implement stategies to spur economic growth

 

The government is being urged to consider deliberate strategies to induce economic growth in the local economy.

 

In an interview with Radio Jamaica News, Michael Lee-Chin, Chairman of NCB Financial Group, said without this, low economic output will continue. 

 

"Jamaica has been plagued by low growth historically.... We have not been so resolute and focused about growth, growth, growth. So we have to have that focus or it's not going to happen. We will continue to have low growth unless it's a focus and we put strategies together and we execute on them religiously," said the businessman, who previously served as the chairman of the now defunct Economic Growth Council. 

  

The Economic Growth Council was set up in 2016 by the Andrew Holness led government, as part of broader initiatives to stimulate economic growth and job creation.

 

The primary goal was to achieve 5 per cent growth in gross domestic product within four years, commonly referred to as the "5 in 4" initiative.

 

The roles of the council are now rolled into different arms of government.

 

The call for more to be done comes as the Planning Institute of Jamaica estimates growth of 0.1 per cent in the April to June quarter.

 

The projection has GDP output declining by 0.1 to 1 per cent for the current July to September quarter.