Thu | Feb 27, 2020

Create a competitive economy

Published:Tuesday | January 21, 2020 | 7:39 AM


The end of the economic reform programme has ignited a spark in the business community to pursue a second raft of reform measures. Though macroeconomic stability has been achieved, it is recognised that more strategies are required to create a competitive economy.

Therefore, the Private Sector Organisation of Jamaica recently launched a plan to augment the gains of the recently concluded agreement. On the other hand, manufacturers have listed a few recommendations aiming to boost long-term productivity.

The objective of these proposals is to produce a dynamic economy underpinned by sound trade and regulatory policies. Hence, lobbyists have to formalise such proposals by entering into a pact with the Government of Jamaica, thus making their agreements binding across administrations. To ensure compliance, the private sector must link implementation to political funding.

Additionally, the Local Economic Reform Programme (LERP) should be monitored by an oversight body known as the Free Market Group to prevent populist leaders from breaching their commitments.

The present administration has immense political capital that should be leveraged to garner support for the LERP. This is not an opportunity to be wasted.