Jamaica’s Prime Minister Andrew Holness recently emphasized the strides made in his country’s economy and underlined the government’s unwavering pledge to further serve its people.
He noted that the Jamaican economy is currently stable, with ongoing efforts by the government to introduce programs aimed at benefiting the entirety of the nation.
He was speaking at the Office of the Prime Minister’s quarterly press conference on August 3.
Economic milestones: Jamaica’s recent growth and stability
Holness shared that last year, the country witnessed an impressive economic growth rate of 5.5 per cent.
After grappling with an inflation spike at 11.8 per cent post-pandemic, he noted that the figures have now settled at approximately 6.2 per cent.
A noteworthy element underscoring the robustness of the economy has been the persistently low unemployment rate, a statistic Holness frequently cites.
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Holness underlined that over the recent four years, the Jamaican economy has consistently produced job opportunities.
He emphasized the significance of employment as a gateway to personal independence, allowing individuals to access goods, services, and plan for their futures.
The role of HEART/NSTA Trust in skills development
Holness also spotlighted the government’s strategic push in skills development through the HEART/NSTA Trust and enhanced social security schemes.
Among these revamped initiatives are hikes in the minimum wage and broadened social pension programs.
While the economic indicators are good, Holness acknowledged that challenges persist.
“So yes, our economy is doing well. But this is not to say that there are not challenges, because, for many, there is a sense that they are mere bystanders to this success in the economy,” he said.
“Yes, there are many young people who are being employed. But there are also many young persons who are left out of the labor market. They are left out, some of them voluntarily, and some of them are not in the labor market because they just simply don’t have the skills and the wherewithal to participate. That is why the Government has invested heavily in the HEART/NSTA to ensure that we can bring particularly our young unskilled workers into the labor force, so that they can get access to the jobs that are being created,” he added.
Highlighting a broader vision, Holness emphasized that the government’s outlook is not solely anchored on numerical economic metrics.
“At the heart of it, at the core of it, is about how the economy serves people. It serves them through jobs, it serves them by creating the basis for a social safety net system that protects the most vulnerable in the society,” he said.
In line with this vision, Holness revealed forthcoming alterations to the Programme of Advancement Through Health and Education (PATH), aiming to identify and assist a greater number of families requiring support.
Read more on Jamaica’s economic growth
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- IMF says Jamaica’s economy is recovering strongly
- Jamaica moves closer to cashless society with MyCash digital wallet
