Young Jamaica hails Moody’s upgrade, positive outlook as evidence of Gov’t’s economic success
/ Our Today
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The youth arm of the ruling Jamaica Labour Party (JLP), Young Jamaica, says the upgrade from stable to a positive outlook for the Jamaican economy by global credit rating agency Moody’s Investor Service is evidence of the Government’s success in overhauling the country’s economy to achieve resilience and prosperity for citizens.
“This achievement is not just a feather in Jamaica’s cap; it is a testament to the unwavering commitment of the JLP government to economic reform and the pursuit of a more resilient and prosperous nation,” Young Jamaica said in a statement.
“Jamaica’s fiscal journey towards an enhanced credit rating has been characterised by comprehensive reforms, sound fiscal policies, and a steadfast approach to addressing economic challenges, led by the Minister of Finance Mr Nigel Clarke. The upgrade to B1 reflects the nation’s improved economic stability, reduced borrowing costs, and heightened investment attractiveness, marking a triumph for Jamaica’s pursuit of prosperity,” Young Jamaica added.
Towards this end, the JLP affiliate pointed out that “the elevation to B1 is not an isolated achievement, as the Government continues to celebrate remarkable financial successes”. Young Jamaica said the Statistical Institute of Jamaica’s (STATIN) report that the unemployment rate is at an unprecedented low of 4.5 per cent is further proof of the Holness administration’s success in turning around the Jamaican economy.
According to Young Jamaica, “Our economy remains a source of surprise for our competitors, consistently reducing public debt and forging a resilient economic landscape. Our debt is well on its way to reaching only 75 per cent of GDP in the first quarter of 2024, a significant drop from its previous peak of 145 per cent.”
It added: It’s worth highlighting that all these remarkable milestones have been attained without any tax increases in the past six budgets”.
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