Disappointing discourse ... more of the same

Published in the Jamaica Gleaner: Wednesday | August 15, 2007

Hugh Dixon, Contributor

The debate on the economy between Dr. Omar Davies and Audley Shaw was disappointing when you realise the significance of this debate to Jamaica's future and our personal quality of life. The questions asked may have either contributed positively or negatively to the outcome.

In judging the debate, I picked the questions that provoked the debaters to address fundamental economic issues and used simple common sense to analyse.

The first question was on borrowing from the International Monetary Fund (IMF). Shaw said, "no borrowing from the IMF", but would approach the World Bank, Inter-American Development Bank, Caribbean Development Bank on project-specific financing at half the interest rate of the international community.

No cheap money

The rebuttal by Dr. Davies was that there is no cheap money available in the international community. My common-sense judgment set up a scenario of Jamaica's banking sector as the global community.

What would they do differently to bring about growth was my next pick among the questions. Dr. Davies cited breaking with the IMF earlier, the increase in the net international reserves from US$800 million when he took office and the present inflow of investments as measures to produce the growth.

Shaw rebutted by suggesting the setting up of a mega investment agency to find investments and provide jobs resulting in growth. My common-sense instinct told me I am faced with more of the same or a pie in the sky to choose from.

In the final analysis, my common sense said to me it's not an issue of who won the debate, but fundamentally who do I trust with the economic affairs of Jamaica going into the future?