Beyond the IMF — Solutions for growth

KINGSTON, Jamaica - FOR the last 40 years, Jamaica has continued to suffer from a low growth rate, which averages approximately of 0.8 per cent per annum. The national debt now stands at $1.7 trillion, about 140 per cent of our GDP, which has effectively forced us to return to the International Monetary Fund (IMF) for financial assistance. The tragic state of our economy is further compounded by a high energy bill, declining productivity, and an import bill that is unsustainable. In fact, more than 60 per cent of the annual budget is painfully diverted to repay interest associated with our growing debt. Successive governments have found it impossible to attain sustained levels of growth and unemployment levels continue to climb nationally. Youth unemployment, in particular, was estimated as high as 32.2 per cent, as at July 2012. This merits much concern, as it is they who will inevitably have to shoulder Jamaica's towering debt burden in the future. Consequently, credible solutions must be found to ensure that Jamaica will not persistently run to the IMF every four or five years.