The Ministry of Economic Growth and Job Creation is expressing concern over growth figures published by the Planning Institute of Jamaica (PIOJ) over the last two years as real growth is not being reflected.

Speaking at the Jamaica Promotions Corporation (Jampro) investment forum this morning (June 14), Minister without Portfolio in the Ministry of Economic Growth and Job Creation, Daryl Vaz pointed out that the level of construction taking place across the country is very complex and it presents a vast contrast in the PIOJ’s measurement of economic growth.

The PIOJ estimates that short-term prospects for the economy are generally based on strengthening the performance of most industries relative to the similar quarter of 2017.

Mr. Vaz adds that the country has never stopped growing, although the PIOJ points out that the Gross Domestic Product GDP) will grow more this year, compared to the similar period last year.

In the meantime, Mr. Vaz says the level of construction now taking place is equivalent to the level of growth in the country.

And, the World Bank is urging the Jamaican government to increase their level of construction permits in order to advance the country’s construction sector.

Practice Manager of the World Bank Group Global Business Regulations Unit, Catherine Masinde says Jamaica has significant growth potential, so its government must now move towards the implementation of several reforms.

These reforms, she says, will make Jamaica more viable to foreign direct investments.

She is urging the Jamaican government to strengthen and increase capacity in the area of trade within the Caricom region and also on the international trading bloc.

She was speaking at the third and final day of Jampro’s Jamaica Investment Forum, held at the Montego Bay Convention Centre in Rose Hall, St. James.