Prime Minister, Dr. the Most Hon. Andrew Holness, says Jamaica is now experiencing its strongest economy since gaining independence.
Speaking during his 2025/26 Budget Debate presentation in the House of Representatives on March 20, Dr. Holness highlighted Jamaica’s notable economic achievements.
These include significant reduction in the debt to gross domestic product (GDP) ratio, record-low unemployment, controlled inflation and a stable currency exchange rate.
Dr. Holness advised that with the debt-to-GDP ratio falling to approximately 68.7 per cent, the Government remains on track to meet its target of 60 per cent by March 2028, reinforcing the nation’s long-term fiscal sustainability.
He also highlighted the sharp decline in the unemployment rate, which dropped from 13.7 percent in 2016 to a historic low of 3.5 percent, signifying near full employment.
The Prime Minister pointed out that youth unemployment, which previously stood at a troubling 32 percent, has seen a significant decrease.
“Young people, who once faced limited opportunities, now see doors opening; mothers and fathers who struggled to make ends meet are now securing stable employment,” he added.
Meanwhile, Dr. Holness reported that Jamaica’s annual inflation rate now stands at 4.4 per cent, to be within the Bank of Jamaica’s (BOJ) four to six per cent target range.
“Through well-managed fiscal and monetary policy, we have brought inflation back down to sustainable levels,” he stated.
Dr. Holness also cited the Jamaican Dollar’s stability as further proof of the country’s economic progress.
“Over the past nine years, the local currency has depreciated at an average rate of 2.9 per cent per year against the US dollar, the lowest rate since independence,” he told the House.
The Prime Minister added that, “these achievements are not just incremental improvements. They are historic breakthroughs that have placed our beloved nation in the strongest economic position ever since gaining independence.”
Dr. Holness reaffirmed his Administration’s commitment to maintaining economic stability and improving the quality of life for all Jamaicans.
“The numbers do not just tell a story of improvement. They tell a story of transformation of an economy that has overcome decades of instability, uncertainty and crisis to achieve a level of stability, strength and resilience that Jamaica has never before experienced,” he stated.
