Sun | Aug 20, 2017

'Economic Growth Council making progress'

Published:Wednesday | August 17, 2016 | 8:07 PM
Prime Minister Andrew Holness (left) and Michael Lee Chin in discussion during the Economic Growth Council committee members quarterly press conference at Jamaica House on Wednesday.

Jovan Johnson, Staff Reporter

The Government's Economic Growth Council (EGC) has declared that it is on its way to meeting its self-imposed target of achieving five per cent gross domestic product (GDP) growth in four years.

The council's chairman Michael Lee-Chin made the statement while providing an update this morning on the work of the council since its establishment in April.

He noted that the EGC has held over 50 meetings with a variety of stakeholders since April.

Those stakeholders included government departments, diplomatic representatives, multilateral institutions and members of the public and private sectors.

He noted that the groups were honest in their contributions and committed to working with the council.

 

Chairman of the Economic Growth Council, Michael Lee-Chin

Jamaica has slipped from GDP growth of about 12 per cent in 1970 to an annual average in the last 10 years of less than one per cent.

Analysts have pointed to external shocks as well as government mismanagement for the economic problems that forced Jamaica into a new borrowing relationship with the International Monetary Fund.

Critics have questioned whether the Economic Growth Council can deliver.

However, Lee Chin says with key indicators such as inflation trending down, Jamaica, with a debt to GDP ratio of 120 per cent, is on a path to realising better growth rates.