Honourable Members,
We give God thanks that today we can say that we are a stronger, more resilient Jamaica; having had a remarkable recovery from recent global shocks.
We place our trust in the Almighty’s assurance: “So do not fear, for I am with you; do not be dismayed, for I am your God. I will strengthen you and help you; I will uphold you with my righteous right hand.” Isaiah 41:10 (NIV).
Our island nation is positioned to achieve our true destiny as a peaceful, productive, and prosperous country for all.
• We have now had 10 consecutive quarters of economic growth since the pandemic.
• Our unemployment rate is at 4.2%, the lowest in the historynof independent Jamaica.
• We recorded a Balance of Payments Surplus on our Current Account for the first time since 1966.
• 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 it has ever been.
• Jamaica’s Net International Reserves as of December 31, 2023
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 forty-six point six billion Jamaican dollars (J$46.6B) or US$300M.
By any objective measure, 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.