Story Courtesy of the Jamaica Observer
Prime Minister Bruce Golding says the Bretton Woods international financial architecture has completely outlived its usefulness and should be restructured.
According to Golding, the global financial and economic framework should be recalibrated, so that it can give early warning signals of global crises, so that measures can be implemented to prevent them.
Golding made the remark during a speech at Wednesday's 50th anniversary celebration of the publication of the Economic and Social Survey of Jamaica (ESSJ) and the official opening of the new corporate office of the Planning Institute of Jamaica (PIOJ), publishers of the ESSJ.
He said it was unacceptable that since the beginning of the rapid increase last year in oil and commodity prices and a shortage of food supplies, there has not been a gathering of world leaders to discuss ways of dealing with the problem.
He has asked the PIOJ to look broadly at how that global situation has impacted on Jamaica, so that the government can be in a position to dialogue with world leaders at the United Nations General Assembly in September.
In the meantime, the prime minister said the PIOJ must be aware that the economy was no longer insulated from the rest of the world as it was 50 years ago. The agency, he said, must be able to forecast problems and model potential impact, adding that in this respect, the value of the ESSJ was rooted in the accuracy, currency, and timeliness of the data provided. He said the ESSJ should utilise the data acquired to inform the planning process, as well as policy development, implementation and evaluation.
He said the ESSJ could also be valuable in examining the impact of investment on the economy, to determine where resources should be channelled in order to drive investment and job creation. He also cited the need to use the data to identify the reasons behind the disparity in income levels, saying it was not enough to report that personal income was on the increase, when there was still a great disparity between those at the very top and bottom of the economy.
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