Gov’t Investing to Ensure Jamaica Can Withstand Global Economic Shocks

Prime Minister, Dr. the Most Hon. Andrew Holness, says the Government continues to make significant investments to bolster fiscal buffers, ensuring Jamaica can withstand global economic shocks.

He maintains that this is imperative, consequent on discussions, globally, regarding the “uncertainty” of international aid and stakeholder concerns about the potential implications for Jamaica.

“Jamaica has benefited from international aid. We continue to partner with many countries around the world who have their foreign policy, which includes their support through international aid. Yes, we want to always have the support in partnership for things that we feel are in our interest. But we recognise that the world is changing and local taxpayers in foreign countries may not always want to see their tax dollars going to foreign countries,” the Prime Minister stated.

Consequently, Dr. Holness said, “As Jamaica matures, we must take a different perspective on international aid.

“We must be prepared to stand on our own two feet with our own resources. It means that we must take a more responsible way of managing our economy,” Dr. Holness underscored, adding that Jamaica’s political independence can only be fully achieved when the island is economically independent.

He was addressing a round-table session during day two of the Global Tourism Resilience Conference at the Princess Grand Hotel in Green Island, Hanover, on Tuesday (February 18).

Dr. Holness said governments must develop the mindset of “being able to stand on your own two feet” in situations where it may be apparent that “you are going to be hit [by emerging shocks], but you are prepared when you are hit”.

“Don’t look about for anyone coming to your rescue. There is no one coming to your rescue. You must stand on your own two feet and be prepared to address the issues that affect you. It means that we must take a more responsible way of managing our economy, ” he underscored.

Dr. Holness highlighted the post-COVID-19 pandemic recovery in Jamaica’s job market, which rebounded in two years after the loss of 80,000 jobs, noting that the island now boasts its lowest unemployment rate ever.

“So this is a different Jamaica than the Jamaica that existed a decade ago. We must continue on this path of building our economy with the fiscal buffers and the preparations to deal with shocks,” the Prime Minister said.

The Global Tourism Resilience Conference, which concludes on February 19, is being held under the theme ‘Building Tourism Resilience Through Digital Transformation’.