Changing economy: Pillars to build on

THE EDITOR: Certainly, development beats growth.

Very briefly, growth in our case can be described as the inflow of export earnings without bringing in its wake positive structural modifications to the economy.

Development, on the other hand, is defined in terms of structural transformation in the economy which brings sustainable improvement and diversification.

However, it is important that we accept that development may never be sustained if we fail to build a platform of diversification on the following pillars:

1. Promoting among our citizens — young and old — an ideology characterised by an improved work ethic, greater love for and pride in country, integrity, and a passion for enterprise, diversification, creativity, innovation, and invention.

2. Far-reaching, legal, educational, political, economic, and social reform to bring the economy in alignment with 21st century trending and imperatives.

3. A new national perspective on schooling, political governance, union leadership, and taxation.

4. Promoting and sustaining a culture of customer service in the public and service sectors and industry.

5. Greater tripartite collaboration among government, labour, and enterprise to sustain the economy.

6. An ongoing tripartite approach to sensitising all citizens to understand the nature and dynamics of foreign exchange income in our open economy and why all citizens should use it wisely and carefully.

7. A well formulated and executed manpower policy for allocating skills and talent to sustain development in the economy.

8. Recognising diversification as a long, essential, and complex process.

RAYMOND S HACKETT
, Curepe