Author Bios
Densil A. Williams
Densil Williams is Pro- Vice Chancellor and Professor of International Business, The University of the West Indies.
Aritcles by this author:
The vision of economic independence is not unattainable. Jamaica, over the last decade, has made some strong structural, fiscal and monetary transformation towards building a stronger and more resilient economic system.
The Global Competitiveness Report makes for uncomfortable reading: Jamaica’s competitiveness position has slipped from 63 (in 2006) to 101 (in 2011). Although the number of countries ranked in 2006 moved from 117 to 142 in 2011, Jamaica’s competitiveness position has deteriorated. This decline is manifested in the weak economic growth and, in some cases, negative growth that the economy has experienced over the last four decades and even more-so over the last five years.
If small firms are to fulfil their mandate as creators of jobs and wealth for the masses, government as well as multilateral institutions and stronger private sector institutions must adopt a coherent set of policies including managerial training and creative ways to provide collateral for loans. These will ensure increased lending to small firms while reducing risks to the banks.
