Sun | Dec 15, 2019

Use oil savings to kickstart growth, says JCC

Published:Wednesday | January 21, 2015 | 12:00 AM
File Warren McDonald, president of the Jamaica Chamber of Commerce.

The Jamaica Chamber of Commerce (JCC) is urging the Jamaican Government to utilise savings from reduced oil prices to jump-start its growth agenda.

At the same, the chamber is seeking answers on the stalled logistics hub project that was to be the fulcrum of growth-inducing activity; as well as the Goat Islands redevelopment into a port facility, as proposed by the Chinese.

In a statement issued Monday, JCC President Warren McDonald described Jamaica's current economic performance as "underwhelming", notwithstanding its passage of successive International Monetary Fund (IMF) tests.

There have been consistent criticisms that Jamaica's adherence to the 7.5 per cent primary target set in the IMF agreement comes at the expense of economic growth.

"Meeting the agreement's primary-surplus targets for the period January-March is problematic. What is not clear is that there is a commensurate focus on meeting growth objectives," said McDonald.

"What the business community wants to see is that the Government is keeping its eye on the nation's growth priorities even as it maintains prudence in the management of our expenditures," he said.