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New book, Charting Jamaica’s Economic and Social Development looks at Jamaica’s historical economic challenges

KINGSTON, Jamaica – A chartered accountant by profession, Dennis Chung, became motivated to write on economic and financial issues a few years ago as a means to assist in and contribution to the public debate on economic development in Jamaica.

According Mr. Chung “I have always felt that traditional economic approaches contain the flaw of proper financial analysis and so I have crafted my own approach of understanding and interpreting economic trends, which I call Accountonomics, a blend of the accounting and economic disciplines”.

The book Charting Jamaica’s Economic and Social Development A Much Needed Paradigm Shift offers a look at Jamaica’s historical economic challenges and what is required for economic and social development to occur. The book examines the macroeconomic numbers, applies financial analysis so as to interpret objectively the fundamental issues with the economy. The book looks at various data to corroborate inferences and offers policy options and recommendations that will solve the current vicious cycle Jamaica has found itself in since the start of the 1970s.


Author, Dennis Chung

Mr. Chung outlines in the introduction “Since the high levels of economic growth during the 1960s, Jamaica has failed to achieve any sustained period of growth. In fact over the 36 years between 1972 and 2007 Jamaica’s growth has averaged only around two percent per annum. What is even more important is that Jamaica has failed to achieve relative economic and social development, even during the 1960s high growth period.

A review of the GDP growth numbers over the years could support the position that Jamaica was on the way to economic and social development but that the intervening social and political changes of the 1970s lay the foundation for Jamaica’s continued struggle to achieve development that kept pace with similar countries.”

He added “I, like many Jamaicans, have never known what it is like to understand the meaning of hope in Jamaica. Like maybe about three or four generations of Jamaicans, I was born after independence and grew up in Jamaica during the 1970s to 1990s. So excuse my cynicism and urgency for a better Jamaica. I have never known what it is like to be in a Jamaica that is prosperous and is looking towards to a brighter future. So while you all reminisce about the hope in 1962 and the good times of the 1960s, remember that all I know about Jamaica is the state of emergency in the 1970s, the 1980 election, the black market and foreign exchange restrictions in the 1980s, the financial crisis and high crime rate of the 1990s, and the anemic growth and fiscal deficits continuing into the new century of the 2000s.”

Charting Jamaica’s Economic and Social Development

A Much Needed Paradigm Shift will be launched on April 7, 2009 at the Knutsford Court Hotel at 6pm. Many noted financial analysts and journalists have stated that the book is a true reflection of the economic situation and gives great hope to the future. Dennis Chung has captured the problem we face and has given us a road map for the journey we as a country need to take for survival.

Mr. Chung holds a Masters of Science in Accounting and is a certified Public Accountant having completed the examinations in California. He is currently a council member of the Institute of Chartered Accountants in Jamaica and is a regular commentator, in the print and electronic media, on economic and financial issues.

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