PIOJ Growth-Inducement Strategy - Planning Institute of Jamaica

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aggregate-demand stimulus fiscal incentives removal of structural rigidities (2) recognition of the different but shared responsibilities for action by government and the private sector. 2.0 Measures of Jamaica’s Competitive Standing in the World Economy To assess Jamaica’s overall competitive standing in the world economy, it is useful to consider three sets of international indicators (all constructed by international agencies) that figure prominently in current world-wide policy discussions: (1) Global Competitiveness Index (GCI) (2) Doing Business Index (DBI) (3) Corruption Perception Index (CPI). They differ in their underlying components, but have overlapping features that allow for a test of consistency across indices. Based on surveys conducted annually over many years, they also enable tracking over time of an economy’s relative standing. Jamaica’s position on these indicators is examined here in comparison with a number of economies specially selected from the complete list covered by each index. The selected economies are mostly island-type economies (Caribbean neighbours included as far as possible), with relatively small populations, many of them with a similar historical background and recent past of economic underdevelopment, and with a sufficiently differentiated position in the rankings (and in economic performance measured in terms of per capita income-levels and recent growth) to establish a clear pattern of leadership among them. The GCI provides a direct, composite measure of international competitiveness, defined across a broad range of components that are thought to represent critical elements of an economy’s capacity to maintain and support entrepreneurship, investment, and production of goods and services which can successfully compete in the world market against products of other economies. Chart 1 shows Jamaica’s standing on this measure. Chart 1. Global Competitiveness Index, 2010-11 Selected Economies 3 11 13 Singapore Hong Kong Taiwan Ireland Cyprus Puerto Rico Barbados Malta Mauritius Costa Rica Sri Lanka Trinidad & Tobago Jamaica Dominican Republic Guyana Madagascar 29 40 41 43 50 55 56 62 84 Rank (out of 139) 95 101 110 124 113
The DBI focuses more narrowly on quantitative indicators of the system of regulations affecting the conduct of business activity in different stages of such activity, all the way from starting a business to closing a business, and including specific indicators for the following: dealing with construction permits, employing workers, registering property, getting credit, protecting investors, paying taxes, trading across borders, and enforcing business contracts. Chart 2 shows Jamaica’s standing on this index. The CPI is even more narrowly focused, but no less relevant. Constructed by Transparency International, it ranks countries “by their perceived levels of corruption, as determined by expert assessments and opinion surveys”. It is touted by TI as one of its “reliable quantitative diagnostic tools regarding levels of transparency and corruption at the global and local levels.” Chart 3 shows Jamaica’s position in this ranking. From these three indices, it appears that Jamaica ranks relatively far behind the leaders, both in the subgroup of selected economies and in the full group of economies. Within the full group, it falls well below the median, by 25 slots on the GCI, and by 10 slots on the CPI. It does relatively better on the DBI (17 slots above the median); but still remains far behind at the 75 th position. Within the sub-group it ranks ahead of only three economies at the bottom of the list, on both GCI and CPI; it does better on DBI by holding a position exactly in the middle of the subgroup. Chart 2. Doing Business, 2010 - Selected Economies Singapore Hong Kong, China Ireland Mauritius Puerto Rico St. Lucia Cyprus Taiwan, China Antigua & Bahamas, the St. Vincent & the Jamaica St. Kitts & Nevis Belize Trinidad & Dominica Dominican Grenada Guyana Sri Lanka Costa Rica Madagascar Haiti Suriname 1 3 7 Singapore Hong Kong Ireland Barbados St. Lucia Cyprus St. Vincent & Dominica Puerto Rico Taiwan Mauritius Costa Rica Malta Cuba Suriname Trinidad & Tobago Sri Lanka Madagascar Jamaica Dominican Republic Guyana Haiti 17 35 36 40 46 50 Chart 3. Corruption Perception Index, 2009 Selected Economies 3 12 14 20 22 27 31 34 35 37 42 43 45 68 70 75 76 80 81 83 86 91 101 105 121 134 151 155 Rank (out of 183) 61 75 79 97 99 99 99 126 Rank (out of 180) 168 114
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i A GROWTH-INDUCEMENT STRATEGY FOR
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To the many ordinary Jamaicans who
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Preface The Jamaican economy has ex
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for making a determined start on th
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the private sector groups, listed b
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Citibank N.A. Jamaica Branch Grace
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need for “additional fiscal space
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Chapter 2 ________________ Summary
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1.0 The Economic Situation Today 1.
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expected to provide an essential an
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Table 2.1. The Policy Framework: A
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programme of social inclusion that
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Strategic Focus Table 2.2. Growth S
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6.0 Short-Term Growth Stimulus 6.1
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decline of 2.0 - 2.2 percentage poi
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Table 2A.2. NWA Projects To be Fast
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Table 2A.5. Community Renewal Proje
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Table 2B.3. Impact of Repairing Far
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Appendix 2C Methodology of the Grow
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Part I _________ Overview 28
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2.0 Vision 2030 Jamaica Before delv
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3.0 May 2010 Security Event and Aft
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the longer than anticipated global
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April July October January April Ju
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Three industries recorded increases
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9.0 Proposals for Growth-Stimulus I
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targeted economic and social infras
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partnering with government to disco
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3.0 Growth Inducement Strategy The
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Growth-Inducement Strategy Alignmen
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50 Part II _________ Situational An
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inadequate provision of public infr
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2.0 Macroeconomic Assessment 2.1 In
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Increased global oil consumption wa
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$4,742.0 million and $688.4 million
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Non -Traditional Domestic Exports E
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Page 77 and 78: Analysis of preliminary GCT data re
Page 79 and 80: The number of ship calls to the isl
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Page 83 and 84: 4.0 Projected Performance 4.1 Calen
Page 85 and 86: increased marketing and extension s
Page 87 and 88: Electricity & Water For FY 2010/11,
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Page 91 and 92: 2011/12). These extreme weather eve
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Page 95 and 96: creates allocative inefficiencies,
Page 97 and 98: Million $ Per cent Jun-10 Mar-10 De
Page 99 and 100: Table 6.1. Employed Labour Force by
Page 101 and 102: J$ million Mar-10 Dec-09 Sep-09 Jun
Page 103 and 104: FIGURE 7: GROSS NATIONAL SAVINGS RA
Page 105 and 106: 4.10.2. However, the extent of the
Page 107 and 108: Part III ____________ Analytical Fr
Page 109 and 110: functional relationship between the
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Page 115 and 116: (d) v* = Y*/K* This is a measure of
Page 117 and 118: in Chapter 8. The mutual interactio
Page 119 and 120: Transforming the complex set of str
Page 121 and 122: Appendix 7A A Methodological Note T
Page 123: Chapter 8 ____________________ Asse
Page 127 and 128: to ask, is it possible to predict g
Page 129 and 130: can be made to serve a very useful
Page 131 and 132: For further elaboration of the cons
Page 133 and 134: progressive Jamaica-based firms and
Page 135 and 136: Table 8.2. Jamaica: Doing Business,
Page 137 and 138: Table 8.4. Global Competitiveness I
Page 139 and 140: Table 8.5 (continued) Rank Indicato
Page 141 and 142: Rank* Constraint Table 8.7 Business
Page 143 and 144: Chapter 9 ___________________ Inter
Page 145 and 146: 3.0 The Burdens of LAC’s Logistic
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Page 149 and 150: Figure 9.4. Proportion of Primary A
Page 151 and 152: 6.0 Logistics are Essential for Tou
Page 153 and 154: 7.0 Fundamental Steps Forward for J
Page 155 and 156: Part IV ________________ Policies a
Page 157 and 158: Current Status: Cabinet by decision
Page 159 and 160: e more than compensated for by the
Page 161 and 162: B ____________________ Eliminating
Page 163 and 164: Commercial Bank loan rates have als
Page 165 and 166: 5.0 Expected Outcomes These measure
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Page 171 and 172: Table C.1. Proposed Implementation
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Develop formal and informal links t
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D ____________________ Business Pro
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5.0 Recommendations Based on the ma
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2.5 Coexistent with the levels of u
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industry as well as provide funding
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Table E.2. Unemployed Labour Force
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indirect losses experienced when th
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Table F.1 (continued) Area Type of
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G ____________________ Community Re
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Figure G.1 Community Renewal Progra
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Table G.1 Priority Initiatives Obje
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Table G.2 Phased Implementation Pla
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H ____________________ Proposed Wes
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3.0 Transparency Guarantees By desi
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and Coordinating Unit (PCMU) was es
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therefore need to have sanctioned o
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Figure I.1. Functions of National P
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The rationalisation was guided by t
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deliver services in an efficient an
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efurbishing to allow for accommodat
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Part V _______________ Panelists’
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With the benefit of hindsight, some
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ight. Where we as a society fail is
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and exclusion of the majority of th
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the elders, youth, children. What f
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C __________________ Enhancing Nati
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Figure C.1. National resilience is
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