THE PATTERSON administration is in discussions about the economy and the fiscal challenge facing Government, but is holding back on announcing the direction in which the talks are trending.
Senator Burchell Whiteman, Minister of Information, says government ministers were yesterday charged to become fully acquainted with developments in the economy and within the broader government, but got no more specific than that.
"That point certainly was made by the Prime Minister," Senator Whiteman said. "Clearly, in a meeting with all the Government ministers, there would be a charge to operate efficiently with civility and with total respect for those who we have to deal with."
His comments come amid concerns expressed by the powerful multilateral agencies about the performance of the macroeconomy in Jamaica, particularly the size of both the fiscal deficit and debt which amounts to more than $656 billion as at October. On December 18, the World Bank released its study on Jamaica which also highlighted additional concerns about Jamaica's ability to compete internationally, and "rampant crime" which, it said, eats up about four per cent of the country's Gross Domestic Product, because of the attendant lost production, health expenses and public and private spending on security.
FUELLING MIGRATION
"Poor employment prospects and a high crime rate have encouraged high rates of migration, with the equivalent of some 80 per cent of tertiary graduates in the 1990s estimated to have migrated," said a news release announcing the study entitled 'Jamaica: the Road to Sustainable Growth'.
"Jamaica's lack of competitiveness hurt its tradable goods production and, as a result, employment rose less than 0.3 per cent per year from 1991-2001."
But the same release also quoted Caroline Antsey, World Bank country director for the Caribbean region, as saying Jamaica's "assets including its labour force and strong government and social indicator help to position the country well for a future economic rebound."
