PM Holness commends diaspora for contribution to Jamaica's development
Prime Minister Andrew Holness has extended his gratitude to the members of the Jamaican diaspora for their steadfast support and contributions to the nation’s development.
Speaking at the 10th Biennial Jamaica Diaspora Conference held in Montego Bay, the Prime Minister highlighted the significant impact of the diaspora’s commitment to Jamaica’s ongoing transformation.
Strategic diaspora engagement and its impacts
Prime Minister Holness praised the diaspora for their role in the broadening scope of engagement across various nontraditional sectors.
He emphasized how this strategic engagement supports critical national initiatives, particularly those aimed at fostering peace, productivity, and youth empowerment—the themes encapsulated in this year’s conference titled ‘United for Jamaica’s Transformation.’
Economic growth and challenges post-pandemic
Despite facing global challenges, Jamaica has experienced notable economic growth, with 12 consecutive quarters of expansion post-COVID-19.
Prior to the pandemic, the nation saw its longest period of economic expansion since gaining independence.
The Prime Minister expressed a desire to accelerate this growth further, aiming for higher percentages that could more significantly transform the economy.
Employment and fiscal achievements
The government’s efforts have also been reflected in the country’s employment rates, with the Prime Minister noting a historic low unemployment rate of 4.2 percent and the creation of over 156,000 jobs since 2016.
He acknowledged the need for higher-paying jobs but emphasized the importance of initial employment as a foundation for future upskilling.
A milestone in financial management
Significant fiscal management has led to a reduction in Jamaica’s debt to GDP ratio, which now stands at 72 per cent. This achievement marks a substantial decrease, positioning the country for better financial stability.
Additionally, Jamaica recorded a balance-of-payment surplus for the fiscal year 2022/23, a significant economic indicator that had not been achieved since 1966.
Diaspora’s role during economic hardships
Prime Minister Holness also recognized the diaspora’s crucial support during the toughest periods of the pandemic, particularly when tourism, a major economic sector, was at a standstill.
The remittances from the diaspora provided essential support, helping to stabilize the Jamaican economy during unprecedented times.
Opposition acknowledges diaspora’s influence
Echoing the sentiments of the Prime Minister, Opposition Leader Mark Golding highlighted the critical role of the diaspora in sustaining the nation.
He noted that Jamaicans abroad are essential in supporting the nation’s balance of payments and the value of its currency, especially during the recent global challenges posed by the pandemic.
