The Private Sector Organisation of Jamaica, PSOJ has welcomed the pro-business stance of the national budget, but says there is a need for greater strategic focus on economic expansion, public sector efficiency, and crime reduction to ensure sustained national development.

The PSOJ’s comments on the budget delivered by Finance Minister Fayval Williams were outlined in a statement today.

According to the PSOJ, the key highlights of the presentation include that the government has maintained a balanced budget without introducing new taxes for the eighth consecutive year.

The PSOJ said the strengths of the budget include continuation of a fiscally responsible approach that has reduced national debt and maintained macroeconomic stability.

It added that no new tax, ensure businesses and individuals do not face additional financial burdens.

The organisation also highlighted tax incentives for investment, increased support for small and micro businesses, and commitment to disaster preparedness and economic resilience  as strengths.

However it noted that the shortfalls include economic growth challenges.

The PSOJ said  despite fiscal discipline, Jamaica’s growth potential remains constrained by high crime rates, low productivity, and structural weaknesses.

It said more targeted investments in productivity and innovation are needed.

It added that there needs to be  clarity on future revenue streams: 

The PSOJ said the proposed increase in the personal income tax threshold will cost $13.97b over three years. However, it remains unclear how the government plans to offset this revenue loss.

The private sector welcomes the probusiness stance of the budget, particularly the measures promoting investment, reducing financial burdens, and maintaining fiscal discipline. However, there is a need for greater strategic focus on economic expansion, public sector efficiency, and crime reduction to ensure sustained national development.

 The PSOJ said going forward, it encourages the government to engage in continued dialogue with the private sector to refine implementation strategies and ensure that Jamaica’s fiscal gains translate into inclusive economic growth and long-term prosperity.