Economy has recovered from COVID-19 pandemic - Clarke
Published:Tuesday | March 7, 2023 | 4:05 PM
Finance Minister Dr Nigel Clarke today disclosed that the Jamaican economy has recovered from the COVID-19 pandemic.
Clarke made the declaration as he opened the Budget Debate in the House of Representatives this afternoon.
He said that the Planning Institute of Jamaica projects that by December 2022 Jamaica had surpassed pre-pandemic levels of economic output.
Clarke noted that the International Monetary Fund (IMF) has confirmed that with the exception of oil-rich Guyana, Jamaica is the only country in the Western Hemisphere that has seen higher economic output, lower unemployment and lower debt than pre-COVID levels.
In his presentation, Clarke announced that ratings agency Fitch has revised the rating outlook on Jamaica's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) to positive from stable and affirmed the IDRs at 'B+'.
Fitch says the revision of the outlook “reflects Jamaica's significant progress with debt reduction, despite the pandemic shock, its stability-oriented institutional framework and favourable financing conditions, reinforced by the new IMF facilities.”
Clarke said the Government's goal is that “by this time next year, Jamaica's debt level will be lower than it was prior to the domestic economic shock known as FINSAC.”
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