PIOJ Growth-Inducement Strategy - Planning Institute of Jamaica

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As a bonus, it is useful to include here an additional data set (see Table 8.7) which identifies “business environment constraints for firms” as determined by the World Bank’s Enterprise Surveys. It provides a ranking of 11 constraints, as perceived by incountry firms, and allows a direct comparison between exporters and non-exporters as well as cross-country and cross-region comparisons. The rankings for broadly defined constraints provided by these sources were arranged side-by-side to aid direct comparison across the different rankings. What emerges from this comparison is a degree of consistency across all rankings such as to allow drawing from them a kind of “average of the rankings”. Chart 6 shows the top ten constraints, derived in this way, listed in descending order of significance. While all constraints on this list would obviously require attention, there is also a clear need to focus the use of limited resources, time, and effort in dealing with them by establishing priorities. To that end, this ranking can be considered to provide an objective basis for determining priorities in the reform effort going forward. Chart 6. Average Ranking of Main Constraints in Business Activity Constraints Source: Compiled by author. Rank Crime & violence 1 Corruption 2 Taxation 3 Electricity 4 Finance 5 Macroeconomic instability 6 Bureaucracy & regulation 7 Quality of labour force 8 Quality of infrastructure 9 Foreign trade regime 10 4.0 Taking a Close-up, Hands-on View of the Constraints From the wide array and large body of data assembled here, one could go on to compile a long, more detailed list of features constituting the constraints relevant to direct action on the ground. Each and every item on this list would be a matter of particular concern in some setting of ongoing activity by policy makers and administrators as well as in the day-to-day conduct of economic activity by economic agents. In this respect, the data 117
can be made to serve a very useful and constructive purpose. Specifically, the following practical uses are worth considering. (1) The list of detailed items underlying the DBI indicators (see Table 8.3) directly yields quantitative measures that could be used to focus needed action for reform and a template against which to measure progress in the reform effort. By comparing the actual level of performance on these measures across different economies, it is possible to set up quantitative measures of “international best practice” for each item. Progress in the reform effort in Jamaica could then be monitored and measured by the size of the remaining gap between actual practice in Jamaica and international best practice. In this way, the reform effort can be made to have a transparent, demonstrable, and objective basis that allows for public scrutiny and critical support. (2) Similarly, the list of detailed items underpinning the pillars of the GCI can serve to focus needed action for reform. In particular, it can be used to identify specific areas of weakness and of strength relative to some objective measure. As illustrated in Table 8.5, the actual level of Jamaica’s ranking on the overall GCI, a rank of 95 for 2010-11, is used to establish the dividing line between weakness and strength in the detailed items. All items (indicated by red font) which fall below that rank constitute areas of relative weakness, perhaps deserving of priority treatment. All items (indicated by black font) falling above that rank could be considered as areas of relative strength. There is no presumption here that Jamaica should simply copy what others do. The actual path to achieving best practice is subject to choice and the end result may be that Jamaica is able to prove its ability to innovate in particular areas and thereby establish new standards of best practice. 5.0 Dissecting the Supply-side Constraints and Responsibilities for Action From a practical policy standpoint, in seeking to identify constraints affecting business activity relevant to a strategy of reform, it is useful to distinguish between factors operating on the supply-side of the business and those operating on the demand-side. Among the supply-side factors, a further distinction is useful between factors in the business environment and factors related to the internal operations of business firms. These distinctions matter because different considerations arise in each case in designing the actual reform program. A key feature of the constraints identified in Chart 6 is that they are supply-side constraints, all of which can be viewed as factors operating in the Jamaican business environment. They are factors that are, so to speak, “external” to the individual firm. As such, they may have a significant impact on all firms, in terms of the cost, risk, and uncertainty of doing business, depending on the actual cost structure, sectoral and geographical location of each firm. 118
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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 $688.4 million
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Non -Traditional Domestic Exports E
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negative impact of the Jamaica Debt
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ethanol and paint, whereas lower de
Page 77 and 78: Analysis of preliminary GCT data re
Page 79 and 80: The number of ship calls to the isl
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Page 83 and 84: 4.0 Projected Performance 4.1 Calen
Page 85 and 86: increased marketing and extension s
Page 87 and 88: Electricity & Water For FY 2010/11,
Page 89 and 90: J$ Million Figure 5.1. Private Sect
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
Page 111 and 112: It follows that: (5) s = I/Y = [S -
Page 113 and 114: However, the existence of measureme
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 and 124: Chapter 8 ____________________ Asse
Page 125 and 126: The DBI focuses more narrowly on qu
Page 127: to ask, is it possible to predict g
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
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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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Page 175 and 176: Develop formal and informal links t
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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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