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KINGSTON, Jamaica August 2, 2017 (PRIDE) — Lamenting that young Jamaicans have never experienced economic growth in their lifetime, Chairman of the Economic Growth Council (ECG), Michael Lee Chin, last week Tuesday, emphasised that the ECG is focused on building the confidence of Jamaicans.
Speaking at the Diaspora Growth Forum, at the Jamaica 55 Diaspora Conference, the Jamaica-born and raised Canadian billionaire, who is also the Chairman of the National Commercial Bank Jamaica Ltd., noted that very marginal growth for the past two decades has resulted in hopelessness among many Jamaicans.
“All they know is stagnation! Which means that you have young graduates with no opportunities to get a job and live an independent life. No growth means having no incentive to go to school; hence, there is an expectation of hopelessness,” he argued.
The Order of Jamaica (OJ) recipient says low growth over the years have also resulted in the devaluation of the country’s assets; low confidence, corruption; poorly educated graduates and apathy, among other issues.
“Growth will reverse all of those conditions. So ladies and gentlemen it is our collective responsibility to ensure that we do everything possible and that we can to promote growth in Jamaica,” he said, emphasising that “Growth in the economy would result in a revaluation of the nation’s assets; minimise crime and reduce the need for emigration of the country’s bright minds.”
“High growth will cause a reset of societal values. High growth will ensure our currency is stable. And high growth will cause us to have a confident society,” he underscored, pointing to the ECG’s mandate to grow the Jamaican economy by five per cent in four years.
Business magnate and philanthropist, Michael Lee Chin (left), converses with (from left to right): Earl Jarrett, the moderator of the Diaspora Growth Forum; an unnamed member of the audience; and Daryl Vaz, Minister without Portfolio in the Ministry of Economic Growth and Job Creation. Photo credit: Michael Van Cooten.
However, he noted that the vital signs for economic growth were currently positive, pointing to the size of the Net International Reserves (NIR) and consumer confidence. He said that the country also has the confidence of the multilaterals.
The Bank of Jamaica reported NIR at more than US$2.6 billion in its July 7 release; while the Consumer Confidence Index stood at a high 137.1 basis points in the second quarter of 2017, although slightly below last quarter’s 139.3 and the all-time peak of 144.6 set in the first quarter of 2016.
To increase growth, Lee Chin — the founder and Chairman of Portland Holdings Inc., a privately held investment company, which owns a collection of diversified operating companies in sectors that include media, tourism, health care telecommunications and financial services — said the country will need to reduce “friction” and increase “horsepower.”
He said in order to create wealth the country must treat with three conditions: economic perception versus reality; inefficiencies; and the lack of equity capital, which it can capitalise on to create wealth.
“The conditions are set for wealth and its happening,” he affirmed. “If you do not get on the train now, it’s going to leave you… you can invest in your country, do well, do good and have lots of money.”
Other speakers at the Diaspora Growth Forum were Dr. David Panton, Chairman of the ECG Diaspora Task Force; Shanike Smart, Research Officer, Caribbean Policy Research Institute and Daryl Vaz, Minister without Portfolio in the Ministry of Economic Growth and Job Creation. The forum was chaired by Earl Jarrett, Chief Executive Officer, The Jamaica National Group.
