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They agreed that the Act now tabled with the Government to modernize the Bank of Jamaica will promote price stability and financial system sustainability. The panelists concluded that targeted human capital development is needed to boost the MSME sector and others with an emphasis on building broad-based digital competences in Jamaica. and Dr, David McBean, Executive Director, MSBM. Marlene Street Forrest, Managing Director, Jamaica Stock Exchange, Mr Hugh Johnson of the Small Business Association.
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They also urged more companies to obtain equity capital by listing shares on the Jamaica Stock Exchange.įollowing the research presentation was a high profile panel discussion on how to improve Jamaica’s competitiveness in the global space, featuring Howard Mitchell, President of the Private Sector Organisation of Jamaica, Brian Wynter, Governor of The Bank of Jamaica, Mrs. The researchers concluded that the private and public sectors need to increase their R&D budgets to embrace digital-led innovation and export growth. Janice Henlin (right), Director, Marketing at the Mona School of Business and Management (MSBM) presents a gift to Brian Wynter, Governor of the Bank of Jamaica at the MSBM-hosted Public Forum. ‘The current index represents a structural break with the past in the way it has been conducted, so we may see where Jamaica has fallen behind even though we have improved in many areas,” he said.
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In explaining Jamaica’s current position, he said the new index was very different from the previous versions of the Global Competitiveness report and, as such, the data reported prior to 2018 was not comparable. Kamau Chionesu, Co-researcher and Lecturer of Economics and Business Research at the MSBM, noted that there were major changes in the methodology of the index for the WEF 2018 Report and this was a reflection of the reduction in subjective opinions. Trinidad, for example, has a larger market size, because of their higher levels of export activity,” he noted. “When you read the report, you will see that for Jamaica, market size in terms of market reach is a perpetual problem, which is arguably a result of the lack of export activity.
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He emphasised that Jamaica needed to translate business dynamics into meaningful innovation which, in a country like Jamaica, must implement digital technologies to drive the export agenda to boost market size and generate GDP growth. We are seeing that the sectors that influence growth, to the extent of 63 per cent, are on the decline and if these sectors are declining, we have some decisions to make,” Dr. manufacturing as a percent of GDP in terms of contribution has fallen from 16 per cent to 8.6 per cent. “From 1982 to 2017, mining as a percent of GDP has fallen from six per cent to two per cent.
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William Lawrence (right), Director, Professional Services Unit, MSBM. David McBean, Executive Director, MSBM Hugh Johnson, President, Small business Association of Jamaica Janice Henlin, Director of Marketing at MSBM and Dr. Panelists (from left): Marlene Street Forrest, Managing Director, Jamaica Stock Exchange Howard Mitchell, President, Private Sector Organisation of Jamaica Lou Anne Barclay, Professor, International Business and Director, Doctorate in Business Administration Programme (MSBM) Dr. The findings showed that the GDP growth in mining and manufacturing together accounted for 63 per cent of the total GDP variability. He said an analysis which was conducted by a team at MSBM, using the Planning Institute of Jamaica’s GDP growth data, mapped three export-producing sectors, namely manufacturing, mining and agriculture over the past 35 years. Lawrence noted that the Global Competitiveness Report 2018 published by the World Economic Forum (WEF) recommended that Jamaica substantially boost its exports in order to achieve meaningful growth of Gross Domestic Product (GDP). William Lawrence, Director of Professional Services Unit at the Mona School of Business and Management and Lead Researcher for the study of Jamaica’s performance in the Global Competitiveness Survey at a public forum hosted by the School last week.ĭuring the forum, which was held under the theme Transforming Jamaica’s Economic Competitiveness, Dr. Preliminary research from the Mona School of Business and Management indicates that some key sectors which drive export and economic growth have declined in Jamaica.