We must not politicise or squander the economic gains we have achieved
The welcome thing is that the present economic renaissance that the country is experiencing does not appear to be a fleeting development. It is a sustained narrative of an economy on the mend, of a mendicant Jamaica being held up to the world as a poster child for economic recovery, of a Jamaica which is now regaining the self-esteem of a country to which others are being urged to look to as an example of what to do
THE present management of the Jamaican economy by the Andrew Holness Administration is strongly indicative of a path being paved for a robust and resilient economy. It gives the country great hope that we have now turned a decisive corner, and is a welcome relief to those of us who lived through the tribal political depredations and machinations of the past, which degraded our economic prospects. We can now see a light at the end of a long tunnel and not have to mistake it for a freight train coming at us with terrific speed.
The welcome thing is that the present economic renaissance that the country is experiencing does not appear to be a fleeting development. It is a sustained narrative of an economy on the mend, of a mendicant Jamaica being held up to the world as a poster child for economic recovery, of a Jamaica which is now regaining the self-esteem of a country to which others are being urged to look to as an example of what to do.
This is not a mean achievement and we must do all in our power to sustain it.
The encomia that are being heaped on Jamaica from the international community are very heartening and palpable. Disappearing are the days when Jamaica would be treated with derision by international financial institutions because of the well-deserved reputation the country had earned as a mendicant. We could not be relied upon to manage international taxpayers’ money with any sense of probity.
Now the praises for the management of the economy are coming in torrents. The International Monetary Fund (IMF) has spoken glowingly of the ways in which the Government is managing the economy. So has the World Bank. So has international rating agencies like Standards and Poor’s and Fitch, which have upgraded Jamaica’s status as a country worthy of investment dollars. Just recently the Financial Times of Britain, one of the most reputable financial newspapers in the world, spoke glowingly of the country’s debt management strategies even to the point of suggesting that countries like the USA could learn something from Jamaica.
As a country steeped in political tribalism and one-upmanship, I do not expect these encomia to be easily forthcoming from Jamaicans. Indeed, there are those who, in the face of incontestable facts, for reasons best known to themselves, would prefer to play down the significance of the economic moment that Jamaica has achieved. For some it is power at all costs no matter what the facts say. We tend to see everything through partisan lens, so even when the truth is staring us in the face, we fail to see it for what it is.
Part of that truth, in terms of our fiscal strength today, is the role of the People’s National Party (PNP) Government under Prime Minister Portia Simpson Miller supported by her finance minister, Dr Peter Phillips. I have said in this space repeatedly that credit must be given to them for their management of the economy, albeit under the stringent, watchful eyes of the IMF. Again, because of political tribalism, there are those who are loathe to give them any credit for where the economy is. Some critics will grudgingly admit it but quickly revert to the caveat that if the IMF did not “have them under manners” the programme would have been derailed and nothing would have worked. Or they point to the time when then Prime Minister Bruce Golding held the reins with Audley Shaw as finance minister and set the foundation without which the PNP would have nothing to build on. Obviously, this is intended to denude the strength of the PNP’S contribution. But to the fair-minded and objective analyst, credit must always be given where and when it is due.
The more important consideration, however, is whether we can hold and build on what has been gained so far.
We are well into the election silly season when half-truths and misinformation of all descriptions abound. I believe a crucial question that will face the electorate in the ensuing months up to the parliamentary elections in 2025 is whether the country can experiment with a change of Government that may very well put in jeopardy the gains that have been achieved. There is more to be said about this as time elapses, but this is a crucial question that I believe the electorate will have to struggle with.
For whatever frustration we may have about crime and corruption — two problems that are endemic to Jamaica’s way of life. A broken and limping economy will not get us to where we need to go. Will the electorate be prepared to change course at this time and abandon the proven track record of the present Administration in holding on to the fiscal discipline that has brought us on to a sustainable path of economic recovery? Will they revert to the often erratic and untested positions of the other party which is not even willing to lay out their own programme of what they will do to build a sustainable, strong, and resilient economy? Time will tell, but Jamaicans would be well-advised to be sober and vigilant in reading the times. They must abound in wisdom supported by an abundance of our legendary common sense.
Dr Raulston Nembhard is a priest, social commentator, and author of the books Finding Peace in the Midst of Life’s Storms; The Self-esteem Guide to a Better Life; and Beyond Petulance: Republican Politics and the Future of America. Send comments to the Jamaica Observer or stead6655@aol.com.