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With many areas of rich, untapped potential, Jamaica does not come without its challenges.
The most prominent is its high crime rate and insecurity — Kingston is said to be among the most dangerous capitals in the world.
The EGC recognizes insecurity in Jamaica as having deterred investment, destroyed capital formation, and discouraged business development.
“Improving citizen security is the single most important growth-inducing reform that Jamaica can undertake,” the report says, recommending a restructuring of law enforcement agencies, a criminal justice reform, as well as addressing the social causes of crime and violence.
Located at the center of the Caribbean, right outside the Panama Canal, Jamaica is at the crossroads of North-South and East-West shipping lanes and plans to join Singapore, Dubai and Rotterdam as the fourth node in global logistics.
“We are emboldened by our recent collective experience where the application of societal resolve towards achieving fiscal sustainability has borne much fruit,” said Mr.
Lee Chin of the encouraging trend in dept-to-GDP ratio.
“The quality of the education a child receives, will impact the quality of human resource input in the economy,” he said in February 2016.
He added, “We may not all be rich, but no one has to be poor.” In September 2016, the EGC published a set of policy recommendations known as the eight Growth Initiatives with the ambitious objective of reaching 5% annual economic growth by 2020, known as the “5 in 4.” “The seeming inability to achieve appreciable levels of economic growth now threatens the social fabric of Jamaica,” said EGC Chairman Michael Lee Chin, recognizing the urgency of a profound economic reform.