Jamaica’s Economic Performance is the Best it Has Ever Been Says Finance Minister
In a recent address to the Inter-American Development Bank’s sub-regional policy dialogue on entrepreneurship and innovation in the Caribbean, Jamaica’s Minister of Finance, Dr. Nigel Clarke, declared that the nation’s current economic performance is the best it has ever been.
“Today’s macro-economic fundamentals are the best that Jamaica has ever had,” Minister Clarke declared.
“Our foreign exchange reserves are 4.7 billion dollars, approaching 5 billion US dollars, greater than it has ever been, and it’s up 56 per cent from the COVID-19 pandemic. Our unemployment rate is at the lowest level it has ever been at 4 and a half per cent, with 148,000 jobs that have been created over the past seven years.”
The Finance Minister further stated, “And to top it off, our debt is the lowest it has been in approximately 25 years.”
The reduction in Jamaica’s debt burden is a critical factor in its economic stability and growth prospects.
Dr. Clarke also highlighted the government’s commitment to fostering entrepreneurship and innovation, particularly in the small and medium-sized enterprises (SMEs) sector. He noted that the government has implemented deliberate strategies and policies to support small and medium-sized enterprises. Jamaica recorded an 11% increase in the number of registered companies in 2022.
One of the most notable steps taken by the Jamaican government to bolster businesses was the abolition of the minimum business tax and the asset tax.
Minister Clarke also emphasised how these measures have significantly assisted thousands of entrepreneurs and contributed to the nation’s thriving economic landscape.
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