September 21, 2015
The Private Sector Organisation of Jamaica (PSOJ) is seeing signs of improvement in the economy and fiscal accounts, as a result of the current economic and fiscal reform programme. Our monthly monitoring has shown improvements in the fiscal balances, current account balance, business confidence, and inflation and interest rates.
We are therefore optimistic that if Jamaica continues on the path of fiscal and economic reform that we started approximately two years ago, we will see greater stabilization and business confidence, which are essential for the country’s sustainable development.
Despite this, we recognize that there is still much more to be done, specifically in relation to greater facilitation of the business environment at the SME level. Our feedback is that large and established businesses are seeing more opportunities for investment, but there is still significant difficulty being experienced at the SME level.
In light of the upcoming election, evidenced by the increased political atmosphere, the PSOJ would like to stress to everyone that Jamaicans have made too many sacrifices over the past two years to see these gains reversed by frivolous expenditure, as we have seen happen in past elections. The PSOJ is therefore urging the government to ensure that we remain committed to the fiscal and economic reform programme, while at the same time implementing the policies necessary to facilitate greater economic activity.
“The PSOJ is pleased with the gains made under the economic programme, and believe that we are in a position to capitalize on these gains resulting in sustained economic development,” says PSOJ President William Mahfood.
“For this to happen however, there are some policy and structural issues that need to be addressed. In effect our policies must reflect a change in attitude towards business facilitation, as this is the only way for us to grow this economy and have real social development,” he continued.
These policy initiatives must be geared towards quickly addressing the issues of public sector reform, improving the justice system, improving trade facilitation, reducing the overall tax burden on businesses and consumers, and addressing crime and indiscipline.
The PSOJ remains committed to working with the policy makers to see to the continuous improvement in the economic and social landscape.
Contact: Ms. Kareen Cox, Marketing & Public Relations Manager
Tel: 927-6238 (Ext. 2052); Fax 978-2709