Local Economy and Financial Sector Remain Resilient and Strong
Our financial market is a national asset and a regional leader; it gives Jamaica a competitive advantage and we must protect it at all costs.
Nearly a decade after the local economy began its recovery from the global recession of 2007 – 2009, Prime Minister Andrew Holness is reminding the public that Jamaica’s tremendous journey of economic turnaround is reason to be optimistic about the country’s future.
Speaking at the Jamaica Stock Exchange’s (JSE) 18th Annual Regional Investments and Capital Markets Conference at the Jamaica Pegasus Hotel last evening, the Prime Minister reaffirmed the strength and resilience of the Jamaican economy and local financial sector.
Concerning this, Prime Minister Holness said, “Our financial market is a national asset and a regional leader; it gives Jamaica a competitive advantage and we must protect it at all costs.”
The Prime Minister continued by citing achievements such as the JSE’s over 400% climb in five years, earning the title of the World’s Best-performing Stock Market in 2015 and 2018, according to Bloomberg News.
At the same time, Prime Minister Holness referenced other key indicators of economic growth and stability. Among these were the historic low unemployment rate of six percent recorded in 2022, the Net International Reserves being 27 percent higher than pre-COVID levels, and economic growth of 5.9 percent recorded in the third quarter of the financial year, marking six consecutive quarters of growth.
In making the comparison between the current economic situation and the decades preceding 2013, the Prime Minster added, “I believe Jamaica has achieved an economic turnaround. Within six years, Jamaica has successfully cut its public debt by [the equivalent of] 50% of GDP without any debt relief.”
Prime Minister Holness says Jamaica’s record of fiscal responsibility and commitment to economic resilience continue to encourage an optimistic outlook.
He said, “Jamaica will always experience shocks and therefore, it is important for us to build buffers for shocks. It is pivotal that we plan for and expect shocks. That is the definition of resilience and for most of the last decade, this government has mainstreamed resilience in everything we do.”