Observer column published 19 August 2019
by Jean Lowrie-Chin
We are borrowing Kingston Mayor Delroy Williams’
hashtag #stillbelieving as we reflect on the global economic jitters that have
resulted from US-China trade conflicts.
Additionally, the price of aluminum has tumbled and threatens our
bauxite industry. However, we recall the
last recession in 2008 when Jamaica was able to weather the storm as we had
battened up our financial governance after the Finsac fallout. Indeed, an
investor who had initially introduced Flow to Jamaica, noted that it was his
Jamaican holdings that had shored him up when Wall Street was tumbling.
Well, as someone who has lived, worked
and invested in my country for decades, I continue to be positive on Jamaica,
even as I know that we have to be alert to the signals and be careful in our planning.
My optimism is further bolstered by an opinion piece by World Bank Vice
President Axel van Trotsenburg published in the Miami Herald on May 16 this
year. Mr van Trotsenburg refers to our emergence from economic doldrums as ‘a
silent revolution’, noting that “Jamaica has shown a macroeconomic turnaround
that is quite extraordinary … After
decades of high debt and low growth Jamaica has changed its growth trajectory,
with positive economic growth for 16 consecutive quarters and growth getting
closer to two per cent.”
He continued: “During
that period, the Jamaica Stock Exchange went up more than 380 per cent. The
credit agency Fitch upgraded the island's debt to B+ rating with a stable
fiscal outlook, and unemployment hit eight per cent in January, the lowest in
decades.”
He credits this and
the previous administration with our serious belt-tightening: “The fiscal
turnaround and economic transformation were possible because of the strong
commitment across political parties over two competing administrations and
electoral cycles. The country also critically benefited from a sustained social
consensus for change and the strong backing of the private sector.”
Jamaica Economic Programme
Oversight Committee (EPOC), first chaired by Richard Byles, who assumes the
post of Bank of Jamaica Governor today and now by Keith Duncan, have played a
significant role in monitoring and reporting on the various aspects of our economy. There is an IMF standby agreement, but Keith
Duncan makes it clear: “This is Jamaica’s Plan, not an IMF Plan.”
However, we cannot
rest on our laurels. With a new wave of
school-leavers and university graduates in the job market, we have to be
creative in supporting business start-ups and employment opportunities. Mr van
Trotsenburg notes, “Despite unemployment at a new low, still too many young
people are struggling to find a job. For Jamaica to continue to grow and
prosper, it also needs to develop the skills for the workforce of tomorrow,
especially in the areas of technology and digitalization. This requires a sharp
focus on creating the conditions for youths to strive and succeed in the modern
business world and close cooperation with the private sector in this respect.”
Digital transformation
Mr van Trotsenburg’s
timely advice on technology and digitalization must be taken seriously and
acted on urgently. As we type an email and see sentences being eerily completed
in our writing style, we understand how much artificial intelligence has
insinuated itself into our lives. Indeed ‘google’ is now more verb than noun as
it is the library that sits in our smartphone.
IDB Caribbean Manager
Therese Turner-Jones and Minister of Science, Energy and Technology Fayval
Williams have challenged us to stay in step digitally with developed countries
on whom we depend for trade and investment.
In
an address at the Mona School of Business in June, reported by Abbion Robinson
in the Jamaica Observer, Minister Williams reminded, “We are in the digital era where the only
constant is change. The technological revolution and transformation which are
characteristics of the digital age have significantly changed and reshaped the
way we operate on a daily basis and in business.”
She
concluded: “Our future is digital in many respects and we cannot, at this
moment, even begin to fathom the extent and the reach of this transformation …
I implore you to equip your business and leaders to evolve with times.”
Here
again “the conspiracy of mediocrity” (my words) can rear its ugly head. Technology-averse managers may exclude bright
young workers who can create greater efficiencies for their companies, thus
holding back not only promising personnel but also the organisation at
large. This is a time when boards of
governance must be vigilant, lest they find themselves endorsing flat-footed
response to the business imperative of digital transformation.
I
congratulate our Jamaican innovators for setting the pace, including tech
pioneer Ingrid Riley, Edward Alexander and Christopher Reckord of tTech, Tyrone
Reid of iCreate Institute, Gordon Swaby of Edufocal, Kadeem Petgrave of
Educatours and Kemal Brown of Digita Global. They have helped us to see the
huge promise of technology – it’s a promise that will take Jamaica to more
places than we can ever imagine.
Digitally reaching seniors
Our
budget was modest, so we used MailChimp, Facebook and Twitter to promote a new
health insurance plan for seniors. It worked. Hundreds turned out for the
launch of the new CCRP health plan last Wednesday and we had a continuous
stream of applicants for the rest of the week. We have heard of social media
platforms being used for negative purposes, but without these, low-budget
organisations which seek to do good would be at a disadvantage.
What
we have been noticing however, is that some seniors who have smartphones are
using them to make calls only. One lady said, “There was I trying to figure out
this WhatsApp and the next thing I know, my friend is calling me to ask me why
I sent her a photo of my feet!” Spare some time to sit with your elders and
walk them through the nifty apps that will make them more engaged. Load up some
of their favourite music as well.