PNP says Jamaica's tumble on int'l indices is evidence of Holness' failure to deliver growth, prosperity

The Opposition People's National Party (PNP) has referenced Jamaica's tumble on several international indices as evidence that the Holness administration is failing to deliver on its promise of inclusive economic growth and prosperity.

In a release issued today, Opposition spokesman on Finance and Planning Mark Golding pointed to Jamaica's fall, from 72 to 80 out of 161 countries, in the Forbes best countries for Business 2018 report, as "yet another indication that the JLP Government cannot deliver sustained and inclusive economic growth and national prosperity".

According to Golding, “This is just the latest of several objective international indicators showing that the Government is not addressing the bureaucratic and structural weaknesses that are holding back the country’s economy”. 

He said the poor Forbes rating continues a negative trend in which Jamaica's ranking has also fallen for three consecutive years in the World Bank’s Doing Business Report, from 65 in 2016 to 67 in 2017, then slipping further to 70 in 2018, and then falling again to 75 in the 2019 report recently released. 

Golding noted that this negative performance is further underscored by Jamaica losing its position as the highest-rated Caribbean island in the World Economic Forum’s Global Competitiveness Report, slipping from 70 last year to 79.

“The Government’s inability to drive effective growth-inducing reforms to improve Jamaica’s business climate is clearly having sustained negative consequences for Jamaica’s international competitiveness. This is also contributing to the fall in the rate of GDP growth, from 2.2 per cent in the second quarter of 2018 down to 1.8 per cent in the third quarter, another disappointing outcome,” the Opposition spokesman explained.

“There is no more time to waste. Jamaica is clearly falling behind in global competitiveness, to the detriment of our people,” Golding asserted.

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