Exemplary Economic Performance – G-G

Governor-General, His Excellency the Most Hon. Sir Patrick Allen, says Jamaica’s economic performance has been exemplary and has caught the attention of the world.

“Every Jamaican should be proud that Jamaica is now recognised globally for the vibrancy of our music and culture, the speed of our athletes, and for the strength and speed of our economic recovery,” he said.

The Governor-General, who was delivering the Throne Speech at the ceremonial opening of Parliament on Thursday (February 15), said the country has had 10 consecutive quarters of economic growth since the COVID-19 pandemic.

“Our unemployment rate is at 4.2 per cent, the lowest in the history of independent Jamaica. We recorded a Balance of Payments Surplus on our Current Account for the first time since 1966,” the Governor-General detailed.

He noted that in September 2023, global ratings agency Standard and Poor’s (S&P) upgraded Jamaica’s credit rating to double B minus (BB-), the highest level ever, and as of December 31, 2023, the Net International Reserves (NIR) were at a record high.

“In November 2023, the Government issued the first-ever Jamaican Dollar-linked bond on the international market in the amount of $46.6 billion or US$300 million,” he said.

The Governor-General advised that in 2024, the Government will further strengthen Financial Sector Regulations and key legislation, including the Customs Act and the Private Sector Pensions Act, which forms part of the pension reform process.

Further, amendments will be made to the Financial Services Act to develop a regime for the consolidated supervision of non-deposit-taking institutions and facilitate the Regulatory Framework for the Twin Peaks Model of Financial Regulation.

The Income Tax Relief (Large-Scale Projects and Pioneer Industries) Act will make provisions under one legislation for fiscal incentives for large-scale projects.

The Governor-General said that the Government is prioritising sustainable development and has begun to build resilience to natural disasters.
“The National Natural Disaster Risk Financing Policy, which was approved through Parliament, will guide disaster-risk financing to ensure adequate financial resources for relief, recovery, and reconstruction,” he noted.

The Throne Speech was delivered under the theme ‘Towards a Peaceful Productive and Prosperous Jamaica’.