Prime Minister Andrew Holness says he still believes the country can achieve the target of 5-percent economic growth in 4 years.
The target was announced by the Economic Growth Council, EGC, in 2016, which means slightly more than two years are now left in order to hit the goal by 2020.
The Prime Minister was speaking this morning at the IMF’s High-Level Caribbean Forum at the Pegasus Hotel in New Kingston.
The Planning Institute of Jamaica, PIOJ, yesterday revised its growth projections for the 2017 fiscal year to a maximum of 2-point-5 percent.
This, after a fairly strong second quarter, with the July to September period now expected to record just under 1-percent growth following robust tourist arrivals due to cancellations in hurricane-affected countries in the Caribbean.
But it’s still a far cry from the 5-percent growth the administration has been hoping for.
Still, Prime Minister Andrew Holness hasn’t lost hope.
Prime Minister Holness says he believes a strong partnership with the private sector is key to unlocking Jamaica’s growth potential.
Meanwhile, Mr. Holness says the government is paying keen attention to the ease of doing business, with three reforms passed in the last year, despite this year’s fall in the rankings.
He says he expects the country to improve in the World Bank’s annual rankings next year, partly due to the passage of the controversial National Identification, NIDS Bill, which he says will significantly improve commerce.