Jamaicans earn less, Why?

Jamaica is ranked in the top three low-income populations within the Caribbean, according to a survey by the Inter-American Development Bank. The survey that was conducted involved other Caribbean countries such as Guyana, Haiti, Suriname, Bahamas, Barbados and Belize.

During an Inter-American Development Bank conference dubbed “Opportunities for the Majority in the Caribbean in Montego Bay, it was revealed that nearly 90% of Jamaica’s population fall in the lower- income group and that most of them are earning less that US $3260 annually.

One keynote speaker Stuart Hart who is a Professor of Management and the Samuel C. Johnson Chair in Sustainable Global Enterprise at the Cornell University mentioned that “the low-income populations within the Caribbean are subject to a poverty penalty in the form of reduced access to goods and services which therefore results in a higher price for them”.

Addressing representatives for the private and public sectors and non-government organizations (NGO), he confirmed that there are over 11 million people across the Caribbean that are considered to be of low income and are therefore underserved in areas such as infrastructure, utility, sanitation and pharmaceuticals. Mr. Hart urged the private, public sector and non-government organizations to create new business models and partnerships in order to serve the vast market and engage a largely untapped area for potential producers and creators of goods and services.

He said that “what we need to do is to craft new solutions in order to create opportunities for the low-income populations by starting with the poorer who are most affected”. Some of the solutions he outlined included low cost production of goods in order to make prices affordable, extending the distribution, deep listening and partnering with global NGOs in order to tackle the issues that affect creating opportunities for low- income population.

The Inter American Development Bank’s conference sought to identify new development models to serve the majority in the Caribbean through public, private and civil society partnerships. The event brought together corporate, non-profit, government and academic leaders to explore unconventional partnerships that can provide concrete solutions to problems faced by the region’s low-income majority.