Global services sector key to nat’l development

DR HENRY Mooney, the lead economist at the Inter-American Development Bank (IDB), says the Jamaican economy is showing positive signs for growth, but believes structural impediments such as crime, education, combined low productivity, and lack of access to capital must be confronted in order to maximise its potential.

“There has never been a better time in the last 20 years to be operating business in Jamaica, to be investing and growing your business in Jamaica, because the conditions are very good,” said Mooney following his presentation entitled ‘Supporting Jamaica’s Economic Agenda and the BPO Sector’ at the Business Process Industry Association of Jamaica (BPIAJ) President’s Forum, held at Usain Bolt’s Tracks & Records in Montego Bay on Thursday.

“There are still structural impediments to growth in this economy, like crime, education, combined low productivity, and lack of access to capital, that are the kinds of issues the Government, industries, and their partners need to work on to accelerate growth.”

While tourism and agriculture are expected to give a significant boost to the local economy, Dr Mooney believes Jamaica’s attitude in the global service sector, with its BPO offering, could be crucial for national development.

“If BPO develops properly, it is a huge contender to accelerate growth,” he told

It is a sector that competes with the world and operates in a global market. BPO has the opportunity to operate in an infinite market and is not constrained by the Jamaican market.

“It is really dependent on the industry to position itself to the right segment of the market that has the right growth potential to develop the kind of skills, that are in demand. So if the industry develops the

right skills, and has the right kind of financing, the possibilities are endless for Jamaica.”

Employment figures in the BPO industry now stand at 36,000 in 60 firms islandwide, with an estimated contribution of US$450 million to the Jamaican economy, with earnings projected to reach US$262.2 billion by 2022.

Dr Guna Muppuri, immediate past president of the BPIAJ, makes a point to Montego Bay Chamber of Commerce and Industry executive Joy Clarke at the BPIAJ’s President’s Forum at Usain Bolt Tracks and Records in Montego Bay recently.