Jamaica on Course for 74 Per Cent Debt to GDP Ratio by March 2024

Jamaica is on course to lower its debt to gross domestic product (GDP) ratio to 74 per cent by the end of March 2024, says Prime Minister, the Most Hon. Andrew Holness.

This, he notes, will be “well below pre-COVID-19 pandemic levels and the lowest in 25 years.”

The Prime Minister was delivering the main address during the Jamaica Dental Association’s 60th annual convention at the Royalton Blue Waters Resort in Falmouth, Trelawny, on Wednesday (February 14).

Mr. Holness, who noted that Jamaica’s debt had previously risen to as much as 150 per cent, said the reduction, as an economic indicator, would suggest that the country has done exceedingly well in being fiscally responsible.

Meanwhile, the Prime Minister said his Administration remains committed to continuing on a path of fiscal responsibility, fully aware of the hard work and sacrifices that were made in securing the notable economic gains Jamaica has recorded to date.

“The state of the Jamaican economy is that we have had 10 consecutive quarters of economic growth since the COVID-19 pandemic. Prior to the pandemic, we had 20 consecutive quarters of economic growth,” he pointed out.

“What this indicates is that your Government has established a solid track record of sustained growth. In fact, my Administration has presided over the longest unbroken period of economic expansion since Independence,” Mr. Holness said.

He also noted Jamaica’s record low 4.2 per cent unemployment rate, pointing out that since his Administration assumed office in 2016, “we have created 156,000 new jobs.”

He said consequent on the low unemployment rate, “a few dentists”, among other interests, have indicated that they are unable to find potential employees they can recruit.

While noting that “it’s a good problem to have”, Mr. Holness maintained that “it’s [one] that we have to solve very quickly.”