The COVID-19 Economic Recovery Task Force is reiterating that the need for resilience and addressing macro-economic instability are key to Jamaica’s return to growth.
The recommendation forms part of the key findings of the task force’s report tabled in the House of Representatives earlier this week.
Tauna Thomas has that story.
The Economic Recovery Task Force report says structural imbalances of deep-rooted macro-economic instability and an uncompetitive business environment complicated, and severely lengthened, Jamaica’s previous attempts at economic recovery.
It says the significant sacrifices by the Jamaican people and economic gains made in the last seven years to address these long- standing imbalances cannot be lost.
The report says Jamaica needs to be agile and on a strong footing for a robust economic recovery.
It says recovering strongly from the COVID-19 pandemic will require the maintenance and entrenchment of macro-economic stability and improvements in the business climate that boost productivity.
This in turn rests heavily on completion of institutional reforms and legislative amendments.
COVID-19 has also brought global supply chains to a grinding halt as lockdown measures in several countries cut the world off from each other.
The task force says in this context there’s a need to deepen local supply chains.
It says when Jamaica’s economy recovers, the country must recover stronger, with higher levels of growth.
The Economic Recovery Task Force report says a sure way of achieving this is to ensure that the production of goods and services has a larger domestic component and thus greater value added in Jamaica.
It says this will result from deepening the supply chain in Jamaica and the strengthening of linkages between the domestic economy and tourism.
Tauna Thomas for Nationwide News.