After half a century of dismal performances, the Jamaican economy is now poised for a sustained revival, with very little chance of things going off-track again, according to economist Dr Damien King.
This is because the combination of economic and legislative reforms, which began bearing fruit in fiscal year 2012-13, has contributed to a fail-safe system, designed to keep wayward policymakers in check.
King, who is executive director of the Caribbean Policy Research Institute (CAPRI), explained the rationale for his optimistic outlook.
“Five years ago, a remarkable thing happened. The Government at the time made a commitment to balance its fiscal Budget. At the time, our fiscal deficit was about J$70 billion, equivalent to about seven per cent of GDP (gross domestic product),” he told yesterday’s annual motivational seminar of the Jamaica Association of Insurance and Financial Advisors at the Jamaica Conference Centre in downtown Kingston.