PSOJ Agrees With Global Competiveness Report On Jamaica

The Private Sector Organization of Jamaica (PSOJ) has declared that the findings of the latest Global Competitiveness Report, released last week, have confirmed its position about the challenges with doing business in Jamaica.

Jamaica retained its 86th ranking out of 140 countries in this latest report.

The PSOJ said on Thursday that the report points to the same factors espoused by it as the main challenges inhibiting a competitive environment for growth.

The report highlighted inefficient government bureaucracy, crime and theft, tax rates, and corruption, accounting for 54.2 per cent of the 16 most problematic factors.

The private sector group said these issues require serious attention if Jamaica is to realize the growth target of three per cent and above that is needed in order to achieve the national objectives set out in Vision 2030.

The PSOJ said, while it is necessary to address the fiscal and legislative issues, which Jamaica has been successfully doing under the current IMF led economic program, by itself, this is not sufficient.