Prime Minister Andrew Holness during the official opening ceremony of Expo Jamaica 2023. Photo: Llewellyn Wynter
Prime Minister Andrew Holness says Jamaica’s economy has recovered from COVID-19, with growth surpassing pre-pandemic levels and more than 150,000 jobs being created or restored.
Holness, who was speaking at the official opening ceremony of Expo Jamaica 2023 Thursday evening, said, “In fact, economists would say that Jamaica is fast approaching full employment.”
“Jamaica’s economic growth has surpassed pre-pandemic levels and that is an amazing achievement. More than 150,000 jobs were created or restored and we are now seeing record low unemployment in Jamaica,” the prime minister said.
“Net international reserves as of March 21, 2023, is US$4.145 billion, and this is up by 38 per cent, relative to the pre-COVID period. Jamaica has been recognised globally by several rating agencies and financial magazines for its exceptional performance before the pandemic, during the pandemic, but particularly its recovery and resilience after the pandemic,” he added.
Holness noted that this was achieved despite the “shock of the COVID-19 pandemic” and then the war in the Ukraine, which disrupted supply chain and increased inflation.
“We have moved, in terms of financial ratings, from stable to positive, not many countries can claim that after the pandemic. Now enduring the worst global health pandemic and economic crisis for over a century is significant when you consider that we did it without triggering a debt crisis,” Holness stated. “We didn’t borrow our way out of the pandemic. We did not trigger a balance of payment crisis, and it did not trigger a currency crisis. These are all things that the Jamaica economy at one time would have experienced either singly or had all three crises together. It did not happen,”
Holness also said the country is now seeing a resurgence in manufacturing, with Jamaica seeing a six per cent increase in the latest statistics on the growth of the manufacturing sector.
“We are expecting the Expo this year will be bigger than it ever was, seeing that there is this pent up energy as a result of us not having the opportunity to hold the expo during the COVID-19 pandemic, but that is behind us, and now we are focused on the future,” Holness said.