The Private Sector Organisation of Jamaica (PSOJ) has welcomed key elements of the Government’s 2026/27 budget, particularly its focus on resilience, recovery, and improved coordination, while urging a more defined and ambitious strategy to drive sustained economic growth.

The organisation noted that the budget comes in the wake of Hurricane Melissa, which resulted in an estimated US$12.2 billion in losses, over 56 per cent of GDP, making it one of the most significant economic shocks in Jamaica’s recent history. Against this backdrop, the PSOJ is emphasising that national policy must move beyond recovery to actively position the economy for expansion.

Speaking at the PSOJ, PwC and VM Investments Economic Budget Review Webinar, PSOJ President Patrick Hylton stated, “Resilience without growth is simply survival.”

The PSOJ welcomed several positive measures, including the establishment of coordination mechanisms such as NaRRA, JAMRROC, and FAST Jamaica, which are expected to improve execution and reduce fragmentation. The organisation also commended the Government’s responsiveness to stakeholder feedback, including adjustments to the Special Consumption Tax on sweetened beverages and the decision to maintain the Environmental Protection Levy (EPL) base at 75 per cent.

However, the PSOJ cautioned that the Budget does not go far enough in outlining a clear and actionable growth agenda, noting that Jamaica’s productivity remains critically low at approximately US$8.81 per hour worked, less than half the Caribbean average.

The organisation identified three priority areas requiring urgent attention.

On energy reform, the PSOJ highlighted Jamaica’s heavy dependence on imported fuel, which exceeds 90 per cent, leaving the country vulnerable to global shocks. It is calling for a clear roadmap for reform, including diversification of the energy mix, expanded use of renewables, improved access to financing for energy investments, and streamlined regulatory processes.

On digital transformation, the PSOJ raised concerns about the application of General Consumption Tax (GCT) on digital services. While acknowledging the Government’s revenue objectives, the Organisation warned that taxing business-use digital tools risks increasing operational costs, slowing adoption, and undermining productivity and competitiveness.

“We must not tax productivity in a way that undermines growth,” the PSOJ stated.

On workforce development, the PSOJ welcomed ongoing initiatives but stressed the need for stronger alignment between training programmes and industry needs, as businesses continue to face challenges in sourcing job-ready talent.

Overall, the PSOJ is calling for a growth strategy that is productivity-driven, export-oriented, digitally enabled, and energy-efficient. With macroeconomic stability largely achieved, the Organisation emphasised that Jamaica must now accelerate into a phase of sustained, inclusive growth.

The PSOJ reaffirmed its commitment to partnering with the Government to advance national priorities, while underscoring the need for urgency, clarity, and effective execution.

“The PSOJ stands ready to partner with Government, but this must be matched with pace, clarity, and execution,” Hylton said.