Leader of the Opposition and JLP Leader Bruce Golding with Beverley Lopez, president of the Private Sector Organisation of Jamaica, at the Terra Nova Hotel on Tuesday. - WINSTON SILL/FREELANCE PHOTOGRAPHER
OPPOSITION LEADER Bruce Golding has expressed disappointment at the slow growth of the economy since the inception of the Private Sector Organisation of Jamaica (PSOJ).
Mr. Golding said that it was disconcerting that, in 30 years of the PSOJ's existence, the economy has grown by only 12 per cent, "despite significant foreign investment made in recent years".
Mr. Golding was speaking at the PSOJ's 30th anniversary council briefing and cocktail party at the Terra Nova Hotel, New Kingston, on Tuesday night.
The Opposition Leader said that, despite a US$4 billion investment in the economy over the past eight years, between 1997-2004 the economy has recorded less than five per cent in growth.
ECONOMIC ARCHITECTURE NEEDS ANALYSIS
"Somebody needs to explain how you can pump $4 billion into an economy the size of Jamaica and record less than five per cent growth," Mr. Golding said, arguing that the economic architecture of the country needs to be analysed. "It suggests that we do not have the capacity to absorb and retain the benefits of that investment and, if that is so, it needs to be fixed."
Mr. Golding also criticised the environment in which local investors operate, and questioned if it allowed them to position themselves to just facilitate representatives from global investments.
"It is not enough to say that the playing field is not level, but the section of the playing field that is assigned for them (local investors) is not in a playable condition," he said.
Mr. Golding said that, if this continues, the nation will see investment flowing into Jamaica and the benefits flowing back out.
