Jamaica’s economic growth driving infrastructure upgrades, crime reduction— Holness
KINGSTON, Jamaica – Prime Minister Andrew Holness says his administration is building a strong and resilient economy.
Holness says investments in public services, crime reduction, and disaster resilience are clear signals of the country’s economic progress over the past eight years.
Speaking at the launch of Infiniti Co-operative Credit Union Jamaica Ltd on Tuesday, Holness credited the Government’s prudent fiscal management for the nation’s improved economic standing.
“Jamaica is in a different place today because we have an economy that can fulfill the needs and wants of the Jamaican people. Jamaica has never had an economy in the last 50 years that can deliver like what this economy can deliver,” emphasised Holness.
Highlighting the county’s continued economic growth and stability, Holness noted that “Jamaica’s economic fundamentals continue to strengthen; debt servicing has dropped from 33 per cent in 2014-2015 to 18 per cent, and debt-to-GDP is set to decline to 68 per cent, the lowest since the 1970s.”
“Additionally, inflation fell from 10.3 per cent in 2022 to 4.3 per cent in 2024, the Net International Reserves, ( NIR) hit a record US $5.6 billion and business confidence has also risen to its highest level since 2019,” the prime minister noted.
Despite temporary setbacks from Hurricane Beryl and Tropical Storm Raphael, the Planning Institute of Jamaica projects a return to economic growth in the January-March 2025 quarter.
Holness said as a direct result of economic stability, the government has procured 200 new buses to improve public transportation.
“For the first time in many years, we are able to order a hundred new buses for the transportation system. Not once, but twice, because we have a hundred more buses coming in another four months, Holness stated.
He also noted Jamaica’s improved disaster response capacity, highlighting the country’s ability to provide immediate financial relief without borrowing.
“When have we ever been struck by a natural disaster and we don’t have to borrow? We were struck by Hurricane Beryl, and because of good fiscal management, we had fiscal buffers. We actually set aside funds and were able to put five billion dollars into the economy right away to provide support for farmers, and 14,000 Jamaicans got rebuilding grants,” he said.
In the meantime, the prime minister encouraged credit union members to leverage financial resources for personal and professional growth.
“Borrow to invest in business. I know many people borrow for education, continue to borrow for education, and I would say borrow for upskilling. Because believe me when I tell you, on the horizon is a major change in how work is done,” he stated.
