The President of the Private Sector Organization of Jamaica, PSOJ, Chris Zacca, is questioning Jamaica’s 27 place jump in the latest global Ease of Doing Business Report.
The report says Jamaica has moved to 58 of the 189 countries surveyed, up from 85 last year.
But speaking last evening at the PSOJ’s Hall of Fame banquet, Mr. Zacca says the World Bank, which compiled the report, changed its methodology this year, resulting in a higher rank for Jamaica.
He says the latest report placed more emphasis on legal and regulatory reforms to the business environment, than previous years.
He says the huge improvement in the “Getting Credit” category, is the result of the opening of credit bureaus and the passage of legislation.
But speaking today with Nationwide News, Mr. Zacca says these measures have yet to have any significant impact on the business community, partly due to the indifference shown by the banking community.
Mr. Zacca says for business operators to reap the true benefits of these reforms, they must first believe that their economic property is protected and that the cost of inputs are competitively priced.