By Andrew Laidley
KINGSTON, Jamaica, (JIS) – Prime Minister, Dr Andrew Holness, has outlined a comprehensive strategy aimed at transitioning Jamaica towards robust and inclusive economic growth. This announcement was made in a landmark address titled: ‘The Next Chapter: Pivot to Inclusive Growth’, which was delivered at the office of the prime minister on Tuesday before an audience of key business and civil society stakeholders.
The new policy statement comes after a decade of economic stabilisation and represents the government’s focus on pursuing growth that creates tangible benefits for all Jamaicans.
Reflecting on Jamaica’s economic journey, prime minister Holness highlighted the achievements recorded over the past decade, including a reduction in the debt-to-gross domestic product (GDP) ratio from 146 percent to under 70 percent, and a fall in the unemployment rate from 15 percent to a record low 4.2 percent.
The prime minister expressed gratitude to all stakeholders involved in this transformation, stating:
“I vow never to forget the sacrifices of the Jamaican people, and declare my solemn pledge as prime minister that we will never allow Jamaica to return to the dark economic days of the past.”
Dr Holness declared “mission accomplished” on economic stability and said the Government is now pivoting towards transformative and inclusive growth.
Key imperatives under the policy
- Urban Renewal Tax Credit;
- Revamping tax credits to attract private investments in underserved areas;
- National Infrastructure Fund to establish a fund for public-private partnership projects; and Accelerated Tax Write-offs;
- Incentivising businesses to modernise facilities and adopt advanced technologies.
Other initiatives are the Removal of Taxes on Tips – aiming to reward service excellence in hospitality and service sectors, and the Consolidation of Payroll Taxes – moving forward with long-awaited tax reform.
The prime minister also outlined the six pillars of the new growth agenda:
- Human Capital Development, Economic Diversification, Infrastructure Development, Reducing Red Tape, Safety and Security, and Inclusive Growth.
Dr Holness stated that ensuring no one is left behind is critical to this strategy, aligning with the Jamaica Social Protection Strategy.
“The next chapter will not happen overnight. Just as it took a decade of dedication and sacrifice to secure our economic stability, achieving economic independence and robust growth will require time, effort and steadfast attention,” Dr Holness encouraged all Jamaicans to unite in this endeavour, emphasising that “when we come together as one people, there is nothing we cannot achieve.”
This new policy initiative aims to foster a more equitable economy that benefits all Jamaicans while ensuring sustainable growth for future generations.
The Tag Line for the New Growth Agenda will be ASPIRE Jamaica:
A – Access to Economic Opportunity for All (Inclusive Growth);
S – Safety and Security;
P – People (Human Capital Development);
I – Infrastructure Development;
R – Reform of the Bureaucracy (Ease, Speed and Cost of Doing Business);
E – Economic Diversification/New Industries.
