How Jamaica Could Grow by 5%

A recent World Bank study has found that Jamaica could record growth averaging five per cent per annum, if the country’s trade and investment facilitation process is significantly improved.

Given the findings, the Minister without Portfolio in the Finance and Planning Ministry, Horace Dalley, says the government is determined to remove those obstacles hindering the expansion and growth of the economy.

The report suggests that Jamaica’s import and export processes and timelines need to be improved.

It says Jamaica’s import timeline averages 17 days, compared to four for Singapore, seven for the United Arab Emirates,UAE, nine for Panama and 10 for Dominican Republic.

Where exports are concerned, the report says Jamaica’s 20-day timeline was higher than Costa Rica at 14 days and seven days for the UAE.

The World Bank report says Jamaican exporters must complete six documents, while their counterparts in the Dominican Republic are only required to complete four, with exporters in Singapore and UAE having to complete three documents.

Minister Dalley has cited the latest public sector transformation update report, which he says seeks to reinforce the point that the Jamaican Government can make things simple, by“changing the way it operates.