Jamaica on Track for 30-Year Low Debt-to-GDP Ratio

• Jamaica is on track to achieve a 72.0% debt-to-gross domestic product (GDP) ratio by the end of the fiscal year, the lowest in 30 years. Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, disclosed while opening the 2024/2025 Budget Debate in the House of Representatives on Tuesday (March 12),
• He noted that the country’s debt could be as low as 64.0% of GDP by the end of April 2025, the lowest debt since 1976. He highlighted that Jamaica is enjoying 10 consecutive quarters of economic growth.
• In addition to noting that the country’s fiscal credibility has “improved dramatically”, Dr. Clarke said it has resulted in trust in Jamaica’s economic policymaking environment multiplying several folds and making the country “much more attractive to investment”.
• Citing the record-low unemployment rate of 4.2%, the Minister said the Government wants to create higher-value jobs by improving skills and boosting the educational outcomes of the population.

 (Source: JIS)