PM says Jamaica’s economy strong and resilient

Prime Minister Dr 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.

Holness states that Jamaica has made remarkable progress in job creation, debt reduction, foreign exchange stability, and sustained economic growth. He emphasised that these are key indicators of a robust and well-managed economy.

His comments follow remarks made by People’s National Party (PNP) president Mark Golding on Sunday, criticising the state of the country’s economy.

Golding, speaking at the presentation of the party’s candidate for North West St Catherine, Damion Crawford, and the launch of its election campaign in the constituency, argued that the ruling Jamaica Labour Party (JLP) has undermined the country's economic gains, forcing trained Jamaicans to seek employment overseas.

"The next PNP government will be a government of the people. When 'Sister P' [Portia Simpson Miller] took it at the beginning of 2012, we had to solve the public financial crisis of the country. The labourites had taken the economy and wrecked it on the reef," said Golding.

However, Holness painted a different picture, arguing that one of the most telling signs of a strong economy is its ability to generate jobs. He stated that 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, he said, is the government’s ability to manage its finances without increasing the tax burden on citizens. He pointed out that for nine consecutive budgets, the government has not introduced any new taxes.

Holness attributed this to sound fiscal management, which ensures economic stability while protecting citizens' earnings.

The Prime Minister also highlighted Jamaica’s approach to debt reduction, which has 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,” Holness said.

He further asserted that the stability of the Jamaican dollar in a freely traded currency system 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,” Holness noted.

Additionally, the Prime Minister emphasised 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.

Follow The Gleaner on X, formerly Twitter, and Instagram @JamaicaGleaner and on Facebook @GleanerJamaica. Send us a message on WhatsApp at 1-876-499-0169 or email us at onlinefeedback@gleanerjm.com or editors@gleanerjm.com.