Unprecedented Levels of Investor Interest in Jamaica

• Jamaica is currently experiencing unprecedented levels of investor interest, thanks to a positive economic environment, says Prime Minister, the Most Hon. Andrew Holness.
• During the 19th Jamaica Stock Exchange (JSE) Regional Investment and Capital Markets Conference at The Jamaica Pegasus Hotel in New Kingston, Mr. Holness stated that “global investors, who in the past would have seen Jamaica as too risky, are now taking a serious interest”.
• Contributing factors include ten consecutive quarters of economic growth since the COVID-19 epidemic, a record-low 4.5% unemployment rate, and lower inflation. Notably, unemployment data released after Mr Holness’ speech for October 2023 set a new record low for Jamaica at 4.2%.
• “We are on target to now reduce our debt-to-GDP ratio to 74.0% by the end of March 2024. This is well below pre-pandemic levels and the lowest in 25 years,” Mr. Holness further stated while also citing Jamaica’s credit ratings, which are now at the highest levels they have ever been.
• In September 2023, Standard and Poor’s (S&P) upgraded Jamaica’s rating to BB-. Meanwhile, in November 2023, the Government issued a Jamaican dollar-linked international bond for J$46.6Bn, which is equivalent to US$300Mn, which represents the first time in our history that Jamaica has been able to issue a Jamaican dollar-linked bond in the international capital markets.
• The current economic environment, coupled with the government’s fiscal prudence, has given investors the confidence to invest in Jamaica, which is necessary to boost economic growth.

(Source: JIS)