KINGSTON - Minister of Finance and the Public Service, Audley Shaw said Jamaica’s economy can grow to high levels and China’s economic development can be used a source of inspiration.
Speaking on the Prime Minister’s monthly call in programme ‘Jamaica House Live’ on June 29, Mr Shaw who visited China recently said they are the second largest economy in the world and over the past 20 years China has seen growth annually of ten percent.
“We should be inspired by this and the fact that in Jamaica’s own experience we have seen periods of high growth. In our early years of independence, 1965, the Jamaican economy grew by 10 percent but not a lot of people know that. The annual average growth in the 1960s was six percent and in 1971 the economy grew by 11.9 percent so even as we are in awe at the growth experienced in China, we must remind ourselves that we have achieved those levels of growth,” Minister Shaw explained.
He added that after experiencing negative growth in the 1970s, Jamaica’s economy was rebuilt and by 1987 the economy was growing by seven percent with an annual average of 6.9 percent from 1986 to 1990. The Finance Minister said Jamaica has seen negative growth of one percent since but China’s growth is a reminder that we should get things right.
Mr. Shaw noted that what has happened in China over the past twenty years is nothing short of phenomenonal and that Jamaicans can learn many lessons from the Chinese people, their initiative, enterprise and attitude to work.
He said Jamaica has been plagued by disasters but has survived. He also said Jamaica’s success with the debt exchange programme has led to Greece being urged to follow that model.
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