This is the word from Opposition Spokesman on Finance and Planning Mark Golding, who says “This is just the latest of several objective international indicators showing that the Government is not addressing the bureaucratic and structural weaknesses that are holding back the country’s economy.”
The poor Forbes rating continues a negative trend, Jamaica's ranking having also fallen for three consecutive years in the World Bank’s Doing Business Report, from 65th in 2016 to 67th in 2017, then slipping further to 70th in 2018, and then falling again to 75th in the 2019 Report recently released.
He noted that this negative performance is further underscored by Jamaica having lost its position as the highest-rated Caribbean island in the World Economic Forum’s Global Competitiveness Report, slipping to 79th position from 70th position it held last year.
Golding, in a press release today stated that: “The Government’s inability to drive effective growth-inducing reforms to improve Jamaica’s business climate is clearly having sustained negative consequences for Jamaica’s international competitiveness. This is also contributing to the fall in the rate of GDP growth, from 2.2% in the second quarter of 2018 down to 1.8% in the third quarter, another disappointing outcome.”
“They inherited an economy that was turned around by immense national sacrifice and focused, competent Government. But despite all the prosperity-hype, what we are in fact witnessing is their failure to tackle the causes of economic under-performance.”
“The monolithic Ministry of Economic Growth and Job Creation has become a contributor to the country’s low-growth problem. The Prime Minister must restructure his Government and decentralize the excessively concentrated executive authority. The current nebulous arrangements in that Ministry have failed to provide adequate ministerial attention to, and clear lines of accountability for, the bureaucratic and structural impediments that are retarding Jamaica’s economic growth.”
“There is no more time to waste. Jamaica is clearly falling behind in global competitiveness, to the detriment of our people.”
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