Jamaica is currently experiencing unprecedented levels of investor interest, thanks to a positive economic environment says Prime Minister, the Most Hon. Andrew Holness.
Speaking recently during the 19th Jamaica Stock Exchange (JSE) Regional Investment and Capital Markets Conference at The Jamaica Pegasus hotel in New Kingston, Mr. Holness stated that “global investors, who in the past would have seen Jamaica as too risky, are now taking a serious interest”.
Among the contributing factors, he noted, are 10 consecutive quarters of economic growth recorded since the COVID-19 pandemic, a record low 4.5 per cent unemployment rate, and a reduction in inflation.
“We are on target to now reduce our debt-to-GDP [ratio] to 74 per cent by the end of March 2024. This is well below pre-pandemic levels and the lowest in 25 years,” Mr. Holness further stated, while also citing Jamaica’s credit ratings, which are now at the highest levels they have ever been.
In September 2023, Standard and Poor’s (S&P) upgraded Jamaica’s rating to double B minus (BB-).
For the fiscal year 2022/23, Jamaica recorded a Balance of Payments Current Account Surplus of US$352.4 million, the Prime Minister revealed.
He pointed out that the last time the country had a current account surplus was in 1966.
Additionally, in November 2023, the Government issued a Jamaican dollar-linked international bond in the sum of J$46.6 billion, which is equivalent to US$300 million.
“This is the first time in our history that Jamaica has been able to issue a Jamaican dollar-linked bond in the international capital markets. This is a clear signal of confidence,” he further remarked.
“Our Net International Reserves are now at a record high of US$4.75 billion, as at December 31, 2023. We have created an environment of fiscal certainty with eight consecutive Budgets with no new taxes,” Mr. Holness said.
He recounted the recent breaking of ground for the $1.4-billion Pinnacle residential development in Montego Bay, which entails the construction of four 28-storey apartment blocks in the Reading area of the Second City over the next four years.
“That is a massive investment, and we have several other large investments of that magnitude to announce in the coming months,” the Prime Minister said.