THE NEXT CHAPTER: PIVOT TO INCLUSIVE GROWTH | Policy Briefing By Prime Minister Holness

Posted on November 20, 2024 by OPM Communications

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Ladies and gentlemen, distinguished guests, fellow Jamaicans:

I am filled with excitement and optimism today as I announce a significant transition in our national economic policy. Today, we turn the page to a new chapter in Jamaica’s economic journey—a chapter of opportunity, and the potential to create a brighter future for every Jamaican.

The Journey from Economic Crisis to Stability

To appreciate this moment, we must first reflect on where we have come from. In 2013, Jamaica was at the very edge of an economic precipice. We faced unsustainable debt levels, massive unemployment, and the spectre of bankruptcy as a country. But out of that crisis, we found a common resolve to take control of our destiny, we rallied around a national consensus, focused on fiscal prudence, debt reduction, and macroeconomic stability.

Through disciplined financial management, sound policies, and the sacrifices of our people, Jamaica has achieved an extraordinary turnaround:

• We have halved our debt from over 146% of GDP to under 70%.
• We have reduced the unemployment rate from 15% to a record low of 4.2%
• We have increased our Net International Reserves from US$0.9 billion to a record high of US$5.7 billion
• Our external credit rating as measured by S&P has improved by seven (7) notches from the lowest level of SD (Selective Default) in 2013 to BB minus. We are now just three (3) notches away from achieving “investment grade” status
• We have institutionalised discipline in the management of our fiscal and monetary affairs – such as implementing the Fiscal Responsibility Framework and strengthening the independence of the Central Bank.

No other nation in the world has matched the scale of Jamaica’s economic turnaround in just a decade.

From being dismissed as an economic “basket case,” Jamaica is now celebrated as a global model of resilience and fiscal reform.

We have achieved even more than we set out to when we embarked on this path in 2009.  So today, I proudly say: Mission accomplished on economic stability! We have mastered the lessons from this chapter in our journey as a nation and now it is time to move to the next chapter.  This success was a national effort, and many Jamaicans and friends of Jamaica played a significant role.

Let me express my deepest gratitude to all who played a role in this transformation: leaders from both sides of the political aisle, business leaders, our civil service, unions, members of civil society, and most importantly, the Jamaican people.

I want to specially recognise and thank:

• The Honourable Bruce Golding, Former Prime Minister
• The Most Honourable Portia Simpson-Miller, Former Prime Minister
• The Honourable Peter Phillips, former Leader of the Opposition and Minister of Finance
• The Honourable Audley “Man a Yaad” Shaw, former Minister of Finance
• Nigel Clarke, former Minister of Finance
• Richard Byles, Governor of the Bank of Jamaica and former Chairman of the Economic Policy Oversight Committee (EPOC)
• Keith Duncan, who took over as Chairman of EPOC after Mr. Byles
• All the members of the National Partnership Council, many of whom are here with us this afternoon.

But most of all, I want to thank the people of Jamaica for their patience, resilience, courage and sacrifice. Jamaica’s turnaround would have been impossible without the willingness of the Jamaican people to endure the hardships that they had to bear.

I will never forget, and no future Government should ever forget their sacrifices. It is my solemn pledge as Prime Minister that I will never allow Jamaica to return to those dark days.

The Pivot: From Stability to Growth

Having been on this path for the last decade, we can sometimes lose sight of the fact that stability was never the destination—it was the foundation. The next chapter of our journey is about achieving robust, transformative growth that uplifts every Jamaican. It is about economic independence—a Jamaica where we generate our opportunities from our own resources.

Let me be clear: moving on to the next chapter does not in any way mean that we are going to abandon fiscal prudence. We will never go back to the days of “run wid it” – not under my watch!  We have worked too hard and sacrificed too much as a country to ever go back to that. Good fiscal management and macroeconomic stability are now “business as usual” for my administration.

 

The Growth Imperative

While our economic progress over the last decade has been nothing short of amazing, we must confront a critical reality: our growth rate remains significantly below the levels needed to realize our full potential. Nevertheless, we have made some progress on the growth front.

In the past, we would have a year or two of growth followed by years of decline. Now we experience consistent, sustained growth. We had 20 consecutive quarters of growth before the pandemic and have had 13 consecutive quarters since. This is the longest period of economic expansion in our independent history.  But it is still anaemic and always at risk, given our persistent vulnerability to climatic events, as a Small Island Developing State. Over the past decade, real GDP growth has been less than 1% per annum. To achieve our national development goals, we need to significantly accelerate that growth. Recent weather events and their associated impact make this call all the more urgent. The Preliminary Damage and Loss Assessment associated with the passage of Hurricane Beryl is estimated at $32.19 billion or 1.07 per cent of 2023 GDP.

This has been compounded by Tropical Storm Rafael and persistent rains associated with other weather systems. The cumulative impact of these weather events will undoubtedly result in a decline in Gross Domestic Product for the latter half of 2024.  Just like we did after Covid, our focus will be on recovering quickly.

As we move to the next chapter of our development journey, we must now come together and forge a new national consensus on economic growth just as we united around debt reduction and stabilization. It is time for us to set ambitious goals, to think big, and to focus on policies that will enable Jamaica to realize our immense potential as a nation.

No Growth without Productivity

One of the greatest tangible achievements of our economic reform has been the reduction of unemployment. At 4.2%, Jamaica is at record low unemployment levels. But this achievement presents us with a new challenge. We can no longer rely solely on adding more people to the workforce to drive growth. To reach the next level, we must shift our focus to productivity.

Every Jamaican must understand that there is no growth without productivity. For our economy to expand and thrive, we need to achieve higher output per worker, higher output per hour.

The Meaning of Productivity

Productivity is not just a matter of how hard people work; it is a function of factors such as the level of investment in physical and human capital, which allows workers to work smarter and get more done with the same or even less effort. Imagine if you were ploughing a field and, instead of using just a fork, you used a tractor.

You would still work, but you would accomplish much more in the same amount of time. That is what productivity is: finding better tools, skills, or methods to produce more value.

Productivity is also a function of the quality of the nation’s infrastructure. Efficient roads and ports reduce travel times and logistical costs for workers and businesses. This allows firms to produce and deliver goods faster, enabling workers to focus on higher-value tasks.

Improved transportation infrastructure would enable workers to commute to more productive jobs in urban or industrial areas. Easing the burden of road traffic in our urban and urbanising areas is also essential for reducing commute times. In the rural areas, better irrigation infrastructure leads to higher output, and better roads means improved access to markets.

The prevalence of violence and crime in the country also influences productivity. A recent IMF report on the costs of crime in the Latin America and the Caribbean region noted that firms that perceive crime as a major obstacle report lower labour productivity. Moreover, the more a firm has to spend on security, the fewer resources they have available for capital investments to increase productivity, and the less likely those firms are to innovate. Smaller firms are disproportionately affected by crime, often facing higher relative costs for security and greater vulnerability to operational disruptions. The economic burden of crime extends beyond immediate losses, affecting long-term growth potential​.

Improving all these factors will be necessary to get Jamaica out of this trap of low growth and move towards prosperity. When a nation becomes more productive, businesses grow, workers earn better wages, and the economy gets stronger, making life better for everyone. We must change our mindset towards productivity.  Productivity is about working smarter.  When we hear productivity we believe we are being asked to work harder.

 

The Pillars of Jamaica’s Growth Strategy

I will now outline the key pillars of our growth strategy—a strategy grounded not in endless deliberation but in decisive action. I did not consider it necessary to appoint yet another committee to study the issue or draft new recommendations. That work has already been done. Between 2010 and 2012, the Planning Institute of Jamaica developed a Growth Inducement Strategy for Jamaica. In 2016, the Economic Growth Council chaired by the Hon. Michael Lee Chin provided a comprehensive roadmap for achieving robust growth.

More recently, the Covid Economic Recovery Task Force chaired by former Minister Dr. Nigel Clarke developed actionable strategies to revitalize our economy in the wake of the pandemic. Jamaica does not suffer from a lack of good ideas. What we have lacked is consistent, determined implementation.

That is the focus of this administration—to move beyond plans and policies and deliver tangible results for the Jamaican people. The time for talk has passed; the time for action is now.

1. Human Capital Development

First, we will relentlessly focus on human capital development. Currently, around 60% of our workforce has no formal training. This shortage of skilled labour is now a binding constraint on our growth. To overcome this, we will invest heavily in preparing our people for the opportunities of tomorrow.

A comprehensive transformation of our education system is already underway with implementation of the recommendations of the Orlando Patterson Commission. While undertaking this comprehensive reform, we will prioritise the basics – literacy, numeracy, and early childhood education.  Low literacy and numeracy rates among our children hinder progress later in life. Addressing these gaps early is critical to ensure a stronger pipeline of skilled professionals to drive the nation’s growth.  Many of our children enter primary school without the necessary pre-literacy and pre-numeracy skills, creating a cycle of underperformance that persists through to secondary education.

By focusing on early intervention, teacher training, and access to resources, we can address these gaps, setting students on a trajectory for success.

We will also strengthen technical and vocational education and training (TVET) programs and invest in upskilling and reskilling our workforce to prepare Jamaicans for high-value, high-wage jobs.

We are currently working on the establishment of the Jamaica Institute of Technology in partnership with the Government and India’s National Institute of Electronics and Information Technology.

We have already removed all tuition and administrative fees for HEART/NSTA courses up to Level 4 (Associate Degree) and removed the guarantor requirement for student loans. We have also implemented the LIFT programme and we are about to launch the CARE programme for unattached youth.  We have consolidated the skills portfolio, including HEART/ NSTA, with education to help to drive our focus on human capital development and to better integrate technical and vocational skills training into the education system.

We are committed to leveraging technology to drive economic empowerment and support national skills development.  The HEART/NSTA Trust Skills On-Demand app, which will be launched next week, is a digital platform designed to connect certified, skilled professionals with individuals and businesses needing their services.

This app is the latest development in a series of initiatives to ensure Jamaicans have an efficient and seamless solution for accessing reliable technical workmen and workmen.

So now at our fingertips, we will have a new resource that gives access to HEART/NSTA Trust-trained and certified talent across various trades and professions islandwide.  This is a game-changer and will revolutionise how we solicit and receive skilled services in Jamaica. It will not only empower skilled workers to showcase their abilities and secure work but will also strengthen Jamaica’s service economy by enhancing trust and convenience for customers.

2. Diversification of Our Economic Base/Development of New Industries

Second, we will catalyse the development of new industries where Jamaica has unique comparative advantages.  To diversify our economic base, we must prioritize sectors that will drive future growth. We have many opportunities that have been spoken of for a long time but just have not got off the ground in a big way. I will give you a few examples.

Tourism Linkages: While we have made some progress in this area through the Agri-Linkages Exchange Platform (ALEX) there is much more that can be done. By linking our agriculture sector with tourism, we can reduce imports, boost local production, and create a sustainable economic ecosystem.

Positioning Jamaica as a Logistics Hub: Our strategic location positions us perfectly to become a global logistics hub. With geopolitical realignments towards near-shoring and friend-shoring, now is the time for us to capitalise on this opportunity.

We will make the necessary investments and foster partnerships to attract international trade and logistics companies. We will catalyse the long-awaited Caymanas Special Economic Zone project by undertaking infrastructure work on the land and building out the first 30 acres. We expect to break ground on this project before March 2025.

Medical Tourism and Wellness: The ageing population of North America will drive massive demand for affordable, high-quality medical services.

Our world-class tourism and our location – just a short flight from major North American cities – places us in a prime position to cater to this market. We will integrate medical care with our wellness and leisure tourism sector, creating a compelling proposition for a holistic recovery experience.

Creative and Cultural Industries: Our music, sports, and entertainment are world-renowned but we have not truly maximised their economic potential. We will invest in and monetize our cultural brand, ensuring that Jamaica reaps the full benefits of our rich heritage and creative talent. We will support our artists, musicians, athletes, and creators to monetize our unique brand on the global stage, ensuring that Jamaicans receive tangible benefits from the export of our culture. A prime example of this commitment is the launch of the Jamaica Screen Development Initiative (JSDI) in January of this year, the first of its kind, with a groundbreaking $1 Billion dedicated to transforming our film industry and elevating Jamaican stories to the world.

Becoming a Digital Society:  In order to thrive in the 21^st century global economy powered by digital technologies, Jamaica must transition from being a consumer of technology to a regional leader in the production of technology. Our vision is to make Jamaica the Silicon Valley of the region. We have already started investing in making this vision a reality.

• Just last week, our new National ID system went live, and the first National Identification Cards were issued. This system is foundational to the creation of a Digital Society.
• We are making progress on the national broadband initiative which aims to provide internet connectivity to all households and communities. We have connected over 600 schools and many police stations and government offices.
• On the skills side, the Amber HEART Coding Academy has trained 450 coders over the last three years and we have implemented skills programmes in new emerging areas such as optoelectronics, mechatronics, aerial robotics, and many others.

Our goal is to create an ecosystem that nurtures tech startups, supports cutting-edge research, and attracts global tech giants. By focusing on areas such as software development, AI, blockchain, and digital media, we can not only meet our own digital needs but also export high-value tech solutions.

For too long, we have spoken about potential growth sectors without fully capitalizing on them. That stops now. The next chapter will be about action and fulfilling our aspirations.

3. Infrastructure Development

Ladies and gentlemen, infrastructure rehabilitation and development remain central to our growth strategy.

Investment in infrastructure is not just about improving today’s conveniences—it is about unlocking the full potential of our economy and creating opportunities for generations to come.

No previous government in Jamaica’s history has invested more in infrastructure development than this administration.

From modernizing our road networks, expanding access to water, upgrading airports, modernising our seaports, constructing new police stations, and fire stations, and enhancing our schools and hospitals.  But let us also acknowledge the reality; there is much more that needs to be done. Decades of neglect and aging infrastructure, spanning more than 30 years, cannot be fixed overnight. While we are making unprecedented strides, rebuilding Jamaica requires sustained effort, planning, and investment over time.

In addition, it is important for the country to recognise that our legacy infrastructure was never designed to withstand what we are seeing today in terms of climate change. Even what we have experienced over the past few weeks in terms of rainfall is highly unusual and off the charts in terms of the impact on our infrastructure.  So, we are facing two challenges at the same time, in terms of our infrastructure – old and ageing infrastructure that was not properly maintained as a result of 30 years of underinvestment and the worsening effects of climate change destroying that infrastructure at an unprecedented rate.

It is important for the country to fully understand why we are in this situation today. The younger members of our population may not have been born or may have been too young to remember.

In the mid-1990s, Jamaica faced a financial sector crisis which resulted in the collapse of a number of financial institutions. This financial sector meltdown was not caused by any exogenous shock or global crisis. In fact, the US had robust growth in the 1990s averaging 3.4% per annum.  So, the financial sector meltdown of the 1990s in Jamaica was a purely homegrown domestic crisis. Our debt-to-GDP prior to the advent of the crisis was 72%. The Government at the time established FINSAC (The Financial Sector Adjustment Company) to bailout the collapsed financial institutions. This bailout cost the country 40% of GDP. By way of comparison, the US Government’s bailout intervention during the global financial crisis of 2008-2009 cost 9% of GDP.

Within 6 years after the establishment of FINSAC, our debt spiralled out of control from 72% to 130% of GDP.

That caused interest costs alone on the debt to consume 60% of tax revenues. If you add public sector wages to that, there was nothing left – nothing to fix roads, nothing to provide water, nothing to upgrade hospitals, nothing to build schools.  For the next almost 20 years, we basically just meandered along as a country with no attempt to really fix the problem. Our debt situation was already unsustainable when the global financial crisis hit in 2008-2009 and that took the country to the verge of bankruptcy. It is only over the last decade that we have really focused on addressing the problem.  This is the first time since the 1990s that we have been able to get our debt-to-GDP down to below what it was in the mid-1990s.  It has therefore taken us 30 years to undo the damage of the self-inflicted blow of the economic mismanagement of the 1990s. Ladies and gentlemen, Jamaica has essentially spent 30 years in the economic wilderness. And we are only now emerging from it. That is why previous administrations under-invested in our infrastructure.

So when people say “You have been in power since 2016, why haven’t you fixed it?”, there is a lack of recognition that we inherited a mountain of debt and we first needed to focus on reducing that debt to create fiscal space. People also seem to forget that we had the COVID-19 pandemic that required us to redirect fiscal resources towards the health response and social support through the CARE programme. So we lost 3 years in terms of our infrastructure development programme.

Our strategy in terms of infrastructure development has been to expand economic activity across the island and to create new economic clusters in smaller towns. We will not achieve robust economic growth by focusing only on Kingston and Montego Bay. We will be focussing on developing the local economy of every parish.  For example, this is the thinking behind the highway from May Pen to Williamsfield and the new highway stretching from Harbour View to Port Antonio.

Complementing the new highway is the new Urban Centre in Morant Bay and the next one will be in Boundbrook in Port Antonio. We are opening up the whole eastern section of the island to a new frontier of economic growth and opportunity. As a lasting tribute to his legacy, the section of the highway from Bull Bay to Morant Bay will be named the “Paul Bogle Highway.”

Very soon, we will commence implementation of SPARK, the most comprehensive programme ever in Jamaica’s history for fixing our road network including our community roads.

We are doing the same thing with water. Hundreds of communities are receiving piped water for the first time across Jamaica.

We are doing the same thing with broadband internet access.

A major focus of our infrastructure investments going forward will be on energy – and in particular reducing the cost of energy. We are diversifying our energy mix, expanding renewable energy sources, and increasing energy efficiency across all sectors. Solar, wind, hydroelectric, and other renewable solutions will not only lower costs over the long term but also reduce our dependence on imported fuels, making energy prices more stable and predictable. Furthermore, we will promote public-private partnerships and incentivize investments in green energy technologies. Our goal is to make Jamaica a leader in energy innovation in the region, ensuring that affordable, reliable, and clean energy powers our economy.

We are also going to move forward with our Integrated Waste Management programme on a phased basis. The first phase will involve a public-private partnership for waste collection and transportation and the second phase will include waste-to-energy and the construction of a sanitary landfill (at which point we will be able to close Riverton).

4. Ease, Cost and Speed of Doing Business

The fourth pillar of our new growth agenda is a national drive to reduce red tape and bureaucracy. To achieve rapid economic growth, we must become the most business-friendly and customer/citizen focused country in the region. We are fully committed to making Jamaica the best place to do business in the region.

We know that many of the regulatory processes in place today were designed for a time when fiscal constraints dominated our policy agenda. Now, with our debt-to-GDP ratio significantly reduced, it is time to reassess and streamline these processes. We will simplify approvals, reduce wait times, and remove unnecessary barriers that have outlived their purpose. We will take a hard look at existing policies, permitting and approval processes, reform those that have outlived their usefulness, and remove the unnecessary layers of approval that hold us back.

This is not just about large investors; it is also about making Jamaica a place where micro, small, and medium-sized enterprises (MSMEs) can thrive. Cutting red tape and improving efficiency in government also positively impacts citizens by reducing wait times and making it easier and faster for our citizens to do business with government agencies.  We will destroy the notion that pervades the public bureaucracy, if it didn’t take long it wasn’t done well.  We are the country of the fastest man alive, we must not only run fast on the track.

This needs to be a collaborative all-of-society approach. We don’t have all the answers. We want to hear your ideas and suggestions.

And just like we had EPOC to monitor and report on whether our economic targets were being met, we will now establish a different EPOC – the EfficiencyProgramme Oversight Committee.

We are also looking at our tax and customs policies with a view to streamlining them, making them easier to implement as well as provide the right incentives to drive productivity and economic growth.

For example:

1. We are exploring tax legislation to incentivize the repatriation of businesses including their activities, associated assets and profits to Jamaica.

There are a number of Jamaican businesses that have set up overseas holding company structures and we intend to do everything we can to facilitate their repatriation back home to Jamaica by removing legislative and economic barriers.

2. We intend to move forward with the consolidation of Jamaica’s various payroll taxes into a single payroll tax deduction. With all the implementation work required, this will likely be implemented some time in the next fiscal year.
3. We are exploring an increase in the threshold at which small businesses need to register and account for GCT. In 2019, this administration increased the threshold from $3 million to $10 million and we are looking at a further increase to remove this burden from small businesses.
4. We are re-evaluating the Urban Renewal Tax Credit, with the aim of enhancing its effectiveness. This involves restructuring its framework and expanding the geographical areas eligible for this incentive.

By doing so, we can attract greater investment into underserved communities, transforming them into vibrant economic hubs.

5. We are considering accelerated capital allowances to encourage businesses to modernize and retool their facilities as well as for investments in technology. This measure would support enhanced productivity and competitiveness, especially in key industries that drive our economy.
6. We are examining the removal of taxes on tips. This initiative is aimed at rewarding productivity and excellent service, particularly in sectors like hospitality, where service excellence plays a critical role in our success as a global destination. It would not be limited to hospitality but extend to all service industries.
7. We are exploring the establishment of a National Infrastructure Fund—a vehicle designed to invest in and manage public-private partnership (PPP) projects.

This fund will create new opportunities for institutional investors, such as pension funds, to directly participate in nation-building, ensuring that critical infrastructure is built sustainably and strategically for the future.

5. Security

Alongside addressing energy costs, we must tackle the significant burden posed by the cost of security. Security-related expenses weigh heavily on businesses, from small enterprises struggling to protect their assets to large corporations investing heavily in safeguarding operations.

Our government has recognized the critical need to address this issue head-on, and since 2016, we have significantly ramped up capital investments in security. We have allocated an average of $9.7 billion annually—three times the average annual investment prior to 2016. These resources have been channeled into modernizing our security forces with better equipment, enhanced intelligence capabilities, and improved infrastructure to boost their visibility and responsiveness.

The results are evident:

• Major crimes, including rapes, robberies, and aggravated assaults, have declined by an impressive 60% since 2013, reflecting a long-term trend toward safer communities.
• The murder rate, which has been a persistent challenge, is now trending downward for the second consecutive year—a 20% decrease this year compared to 2023, following an 11% reduction the previous year.
• The number of active gangs has been slashed by over 50%, dropping from 350 in 2016 to approximately 170 today.

These statistics underscore the progress we have made in reducing violence and dismantling organized criminal networks that have long plagued our society. However, we are acutely aware that these improvements in numbers must translate to real and felt security for our citizens and businesses.

To this end, we will accelerate these efforts, with a dual focus on both short-term measures—such as targeted anti-gang operations and the use of states of emergency for stabilization—and long-term initiatives to prevent the resurgence of criminal networks.

By transforming communities and strengthening the justice system, we aim to create an environment where businesses can thrive without the crippling costs of security and fear.

Our ultimate goal is clear: a safer Jamaica where businesses and citizens alike can prosper free from the shadow of crime. Security is not merely a line item in the budget—it is an investment in our collective future, and we remain unwavering in our commitment to deliver a safer, more prosperous country.

6. Inclusive Growth

The sixth very critical pillar of our growth strategy is ensuring that no one is left behind. This is in keeping with the Jamaica Social Protection Strategy, 2014, which established a social protection floor to provide support to the most vulnerable groups in our society; children, workers, elderly and persons with disabilities.  Growth must benefit all Jamaicans—big business and small, urban and rural, the young and the not so young. This inclusive approach will drive our efforts to create economic opportunities that are accessible to every Jamaican.

This means fostering economic growth that delivers for all sectors of society and building a robust social safety net to protect our most vulnerable citizens.

Step-by-step we are ensuring that every Jamaican has access to the social protection they deserve:

• In 2021, we introduced the Social Pension programme which now provides a guaranteed income for 15,000 vulnerable Jamaicans aged 75 and older;
• We have increased investment in the New Social Housing Programme which aims to improve the housing conditions of the country’s poor and indigent population. 265 houses have so far been built under the programme;
• In 2022, we introduced the Tourism Workers Pension Scheme, becoming the only country in the world with a comprehensive pension plan for tourism workers;
• Just last week we launched the Jamaica Entertainers and Creatives Insurance Plan
• In the last budget, we increased the allocation to PATH by approximately 30%; and
• We are currently working on introducing unemployment insurance.

More fundamentally, it is critical that we find a way to enable individuals and families to escape the cycle of generational poverty.  We are now working on the implementation of a groundbreaking initiative, the HOPE for Children Trust Fund that I had announced in my last budget presentation. Thousands of our children in low-income families reach adulthood without any household savings to give them a start in life. This perpetuates the cycle of poverty. We must break this cycle. The HOPE for Children Trust Fund will provide each eligible child with a long-term savings account funded through annual contributions from the Government. Parents, guardians or other donors will also be able make deposits into the account for the future benefit of the child. The accumulated funds including interest will be accessible on or after the child’s 18th birthday for specific purposes such as education, purchase of a home or commercial property, or business investment.

The central idea behind the programme is to provide children with a lump sum to give them a start in life upon attaining adulthood.

Any Jamaican child born on or after the 60th anniversary of our independence (August 6, 2022) who is part of a PATH household or a Ward of the State will be eligible for the programme.

Conclusion: A New Era of Opportunity

My fellow Jamaicans, we stand at the threshold of an extraordinary opportunity. We have proven that we can overcome any challenge when we are united in purpose. Together, in just a decade, we have taken Jamaica from the brink of economic collapse to a shining global example of prudent macroeconomic management. Now, let us turn that unity toward building a Jamaica that generates robust, transformative economic growth that creates peace, opportunity, and prosperity for all Jamaicans.

The tag line we are using for this next chapter is ASPIRE Jamaica.

A – Access to Economic Opportunity for All (Inclusive Growth)

S – Safety and Security

P – People and our focus on Human Capital Development

I –  Infrastructure Development

R – Reform of the Bureaucracy to Improve Ease, Speed and Cost of Doing Business

E –  Economic Diversification/Development of New Industries

The next chapter will not happen overnight. Just as it took a decade of dedication and sacrifice to secure our economic stability, achieving economic independence and robust growth will require time, effort, and steadfast and focused attention and commitment. But history has shown us that when we Jamaicans come together as one people, there is nothing we cannot achieve.

This chapter is about bold action, shared responsibility, and unyielding ambition with visionary leadership. Together, we will create a Jamaica that is not only stable but thriving—a beacon of hope, resilience, and opportunity for our people.

Let us write this chapter together, with confidence and pride, knowing that Jamaica’s best days are ahead of us.

Thank you, and may God bless you all and may God bless Jamaica.