Tue | Aug 22, 2017

Growth council presents proposals to Cabinet

Published:Wednesday | September 14, 2016 | 9:08 AM

The Economic Growth Council (EGC) has now presented its recommendations to the Cabinet.

Prime Minister Andrew Holness, established the 10-member Council with a mandate to achieve a gross domestic product (GDP) growth target of five per cent in four years.

On August 17 when the EGC held its first press briefing chairman, Michael Lee Chin announced that a proposal containing the plans of the council would be submitted to the Prime Minister by August 31.

However, this was instead done on Monday.

The council has reportedly outlined a set of Growth Initiatives along with specific policy proposals, to achieve higher levels of growth in the Jamaican economy.

It has pointed to eight growth initiatives, but says it will release the specifics of the proposals in the days and weeks to come.

The areas of focus include maintaining macro-economic stability and pursuing debt reduction strategies; improving citizen security; improving access to finance; and pursuing bureaucratic reform to improve the business environment.

The others are stimulating greater asset utilisation; building human capital; harnessing the power of the Diaspora; and catalysing the implementation of strategic projects.

The Council says its report draws from inputs gained from over 80 consultative meetings held with stakeholders over the past four months.

It also draws from studies and work in the area over the years.