THE JAMAICA Labour Party has proposed a comprehensive set of wealth creating policies as "the only sure antidote to fiscal tightness, joblessness and the need for greater expenditure on social programmes."
In addressing a pre-budget forum, hosted by the Jamaica Conference Board at the Hilton hotel, New Kingston, last Tuesday, Audley Shaw, Opposition spokes-man on finance and the public service, said Jamaica's economy was dormant because the productive sector has been destroyed by bad Government policies. He said these policies have led to current record levels of unemployment among Jamaicans.
"Despite the official unemployment statistics of 11.7 per cent, the fact is that by my calculation, when all persons who are not actively seeking jobs are counted, over 450,000 Jamaicans are now without jobs in Jamaica," Mr. Shaw said.
"No country can grow and prosper with one-third of the adult population being listed as outside the workforce or unemployed," he added.
CHANGE GEARS
The shadow finance minister challenged the private sector to change gears and look toward investing in the real productive sectors of the economy as the only basis for Jamaica's future salvation.
Mr. Shaw urged the private sector to embrace the concept of single digit interest rates as the basis for future loans to Government.
"This initiative alone will not only release the fiscal burden and balance the budget, but it will also free up funds for investment in vital social areas like education, national security, health and road repairs," he said.
Mr. Shaw said such an initiative would also make cheaper funds available to the productive sector, including small businesses for export-oriented and job creating investment.
Mr. Shaw slapped down the suggestion that Jamaica needs a Ministry of Poverty Alleviation and instead said that what was needed was a Ministry of Economic Development and Wealth Creation that could "coordinate all our resources, both human and natural, to provide opportunities for every Jamaican to create their own individual wealth right here in Jamaica".
