Last year was not a good one for the Jamaican economy. Some of the key macroeconomic indicators were pointing in the wrong direction at the end of the calendar year.The country's GDP declined; one of the most watched anchors in the economy, the exchange rate, depreciated by eight per cent; the level of unemployment increased; the country's doing business score dropped marginally, etc.
All this was just some of the grim news for 2012. One upbeat performance was the improvement in the country's competitiveness ranking, moving from 107 to 97 in 2012.
Despite the improvement in competitiveness, the local economy continues to struggle to find a sustainable growth path. This inability has left many players very nervous about the future. There is fear that we will not be able to achieve Vision 2030, which is a mere 17 years away.
If we are to reverse this trend, the only solution is to find sustainable growth poles for the domestic economy. There is no escaping from this reality. Vision, foresight, technical management, and adroit leadership will be most relevant in fashioning a growth strategy going forward.