Five-in-four target attainable – analysts
PRESIDENT OF the Jamaica Employers’ Federation, David Wan, agrees that the much-talked-about five-in-four economic growth target was reachable with more than a 5050 chance.
“I have to quote the politician: ‘It is really an aspirational target.’ It may or may not happen, but I think we have to focus on one step at a time this year, next year, the following year,” he said.
“I think it has a 50-50 chance of happening. For the first time in 25 years, the monetary and fiscal policies are in control; previously one of them was out of whack. So, there’s a good chance that bank lending rates will come down even further,” Wan reasoned.
GROWTH NOT SHARED
Meanwhile, Professor Trevor Munroe, executive director National Integrity Action (NIA), pointed out that Jamaica has grown at six to eight per cent for a decade, but the country imploded because growth was not shared. He warned that a similar result could derail the long-term attempts for sustainable economic growth.
“Let’s not deceive ourselves that the growth rate alone will deal with the social instability,” said Munroe.
Allison Peart, Ernst & young country manager, said: “What I like about the five-in-four is that it is aspirational, an ideal and something to work for, and because of that reason I beleive it is possible.
“I like the fact that it gives us a focus, and if you set a target and you fall a little below, at least you are focused on it. So for me, it’s not so much if we will get there. I hope we will, because for all of us, it’s a good thing,” said Peart.