Prime Minister, Dr. the Most Hon. Andrew Holness, has declared that 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 outlined the nation’s significant economic achievements, including a sharp reduction in the debt-to-GDP ratio, record-low unemployment, controlled inflation, and a stable currency exchange rate.
Dr. Holness reported that the debt-to-GDP ratio has fallen to approximately 68.7 per cent, keeping the government on track to meet its target of 60 per cent by March 2028. It’s the lowest debt-to-GDP ratio in nearly 30 years, a key milestone in the country’s financial stability and economic progress.
He also highlighted a dramatic decline in the unemployment rate, which has dropped from 13.7 per cent in 2016 to a historic low of 3.5 per cent, signaling near full employment. Youth unemployment, which previously stood at 32 per cent, has also seen a significant reduction.
“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,” Dr. Holness stated.
Meanwhile, Jamaica’s annual inflation rate now stands at 4.4 per cent, within the Bank of Jamaica’s (BOJ) target range of four to six per cent.
“Through well-managed fiscal and monetary policy, we have brought inflation back down to sustainable levels,” the Prime Minister said.
Dr. Holness also cited the stability of the Jamaican Dollar as further evidence of the country’s economic progress, noting that 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.
“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,” he emphasized.
Reaffirming his Administration’s commitment to economic stability and improving citizens’ quality of life, Dr. Holness said, “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.”
