Preliminary research from the Mona School of Business and Management (MSBM) indicates that some key sectors which drive export and economic growth have declined in Jamaica.
The assertion was made by Director of the Professional Services Unit at the MSBM and Lead Researcher for the study of Jamaica’s performance in the global competitiveness survey Dr. William Lawrence at a public forum last week.
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.
The findings showed that the GDP growth in mining and manufacturing together accounted for 63 percent of the total GDP variability.
From 1982 to 2017, mining as a percent of GDP has fallen from 6 to 2 percent while manufacturing as a percent of GDP in terms of contribution has fallen from 16 to 8 point 6 percent
He emphasized 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.