Jamaica is “Fiscally Fit” – Prime Minister Holness Highlights Nation’s Economic Strength
“Jamaica today is different from Jamaica a decade ago. Whether it is how we recovered from COVID-19, supply chain shocks, or unseasonal weather, Jamaica has done very well in withstanding and absorbing shocks and recovering.”
– Prime Minister Holness
Prime Minister Andrew Holness says Jamaica’s economy is strong, resilient, and fiscally fit, highlighting the country’s ability to withstand and recover from shocks while maintaining economic stability.
In a video statement, Prime Minister Holness reflected on Jamaica’s remarkable progress in job creation, debt reduction, foreign exchange stability, and sustained economic growth, all of which he said are key indicators of a robust and well-managed economy.
Dr. Holness stated that one of the most telling signs of a strong economy is its ability to generate jobs, and Jamaica has made significant strides in this area. The Prime Minister noted that Jamaica currently enjoys historically low unemployment, with near full employment.
Another critical indicator of Jamaica’s fiscal fitness, the Prime Minister said, is the government’s ability to manage its finances without increasing the tax burden on Jamaicans. For nine consecutive budgets, the government has not introduced any new taxes. Prime Minister Holness attributed this to sound fiscal management that ensures economic stability while protecting citizens’ earnings.
The Prime Minister also mentioned that Jamaica’s approach to debt reduction has also positioned the country as a global example of responsible financial management. He noted that the debt-to-GDP ratio is set to fall below 70%, the lowest in over 30 years. This achievement signals the government’s commitment to reducing national debt while maintaining essential investments in infrastructure, social services, and economic growth.
The Prime Minister says the stability of the Jamaican dollar in a freely traded currency system further demonstrates the country’s economic resilience. “Jamaica has never experienced this level of foreign exchange stability, despite having a freely floating currency—probably the only one in the region,” Prime Minister Holness noted.
Finally, Dr. Holness underscored that Jamaica has maintained more quarters of economic growth than decline, proving the country’s ability to sustain momentum even in challenging global conditions. He said this consistent growth highlights the effectiveness of government policies and economic strategies that continue to drive investment, productivity, and prosperity.
In the meantime, Prime Minister Holness also credited Jamaica’s resilience to prudent economic management, including the creation of a disaster fund—a first in the nation’s history. This initiative, he said, allowed the government to swiftly support farmers following Hurricane Beryl and subsequent weather events, leading to increased agricultural production and lower farm gate prices.
“Jamaica today is different from Jamaica a decade ago. Whether it is how we recovered from COVID-19, supply chain shocks, or unseasonal weather, Jamaica has done very well in withstanding and absorbing shocks and recovering,” the Prime Minister affirmed.
Prime Minister Holness reaffirmed his commitment to ensuring that Jamaica remains economically stable, fiscally responsible, and positioned for growth.
“The truth is undeniable—even the most biased and jaded commentator cannot dispute it: Jamaica is fiscally fit,” the Prime Minister said.