The Inter-American Development Bank says Caribbean governments should focus on policies that facilitate efforts by businesses to innovate and improve productivity.
This comes from a recent report, released as part of the IDB’s Caribbean Economics Quarterly, which collected data from nearly 2,000 private sector firms across 13 Caribbean countries.
The IDB says the survey highlighted several severe challenges to the private sector in Jamaica, with the main area being inadequately skilled workers.
It pointed to a recent Caribbean Policy Research Institute study, which revealed that while employment rose between 2015 and 2022, labor productivity in Jamaica declined by 7.8 per cent.
The report also further highlighted a skills deficit, particularly in technology-related areas.
Businesses also singled out corruption, access to electricity, digital payments and interruptions in telecommunications services as major issues.
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Edited by Jesus Chan
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