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NCB Chairman says crime and interest rates plague GDP
NCB Chairman, Michael Lee Chin.
Chairman of the National Commercial Bank (NCB), Michael Lee Chin, says the "cancer of crime and high interest rates" may have robbed Jamaica of up to $20 billion in GDP.
The NCB Chairman, who was speaking at the NCB Foundation Award Ceremony, on Wednesday night, said the "twin cancers" of crime and high interest rates, over the last 20 years, may have cost Jamaica a combined six percentage points, in annual economic growth.
“The question is what would our GDP be today if we had six and a half percent versus half. We started with $9 billion in 1990, compound it at six and a half percent, you end up with $30 billion today, it would have been three times as much today,” Mr. Chin said.
NCB Chairman, Michael Lee Chin. Chairman of the National Commercial Bank (NCB), Michael Lee Chin, says the "cancer of crime and high interest rates" may have robbed Jamaica of up to $20 billion in GDP.
The NCB Chairman, who was speaking at the NCB Foundation Award Ceremony, on Wednesday night, said the "twin cancers" of crime and high interest rates, over the last 20 years, may have cost Jamaica a combined six percentage points, in annual economic growth.
“The question is what would our GDP be today if we had six and a half percent versus half. We started with $9 billion in 1990, compound it at six and a half percent, you end up with $30 billion today, it would have been three times as much today,” Mr. Chin said.