Repositioning for Private Sector–led Sustainable Growth
Achieving a sustainable, inclusive recovery from the COVID-19 pandemic will require Jamaica to invest in climate adaptation and resilience, diversify into sectors with strong potential for growth and job creation, and build on the country’s geographic and climatic advantages. Improving the business climate will be critical to boost investment in these areas. Yet, the domestic private sector continues to face constraints that undermine short-term recovery efforts and long-term competitiveness, including cumbersome business regulations and trade procedures, limited access to finance, a lack of workers with the needed skills, and the high costs of energy, transport, and logistics.
This Country Private Sector Diagnostic (CPSD) comes at a crucial time in the country’s push to find new private sector opportunities to assist with the recovery. This report identifies ways to reduce cross-cutting constraints to private investment, with a focus on making agriculture and outsourcing services more competitive. Jamaica has an opportunity to produce and export high-value horticultural crops to existing and new markets. In outsourcing, the country can leverage its success with call centers to move toward higher-value services including knowledge process outsourcing, information technology outsourcing, and eventually digital services for creative industries. economic growth.