Prime Minister Dr Andrew Holness is assuring citizens that Jamaica will return to stable economic growth, despite the temporary setbacks caused by Hurricane Beryl and Tropical Storm Rafael.

“We will recover and return to growth in short order. We are certain that Jamaica, like any other small developing country, will experience shocks,” the prime minister said during his contribution to the 2025/2026 Budget Debate in the House of Representatives on March 20.

Holness further argued that with climate change and the geopolitical uncertainties, it is observed that shocks are becoming more frequent and more intense, “so Jamaica must, therefore, be prepared for shocks”.

He told parliamentarians that the Government has ensured that the island has protection, with investment in the National Disaster Fund, securing insurance and issuing catastrophe bonds.

“This is why we were able to recover quickly from the pandemic and other natural disasters and geopolitical shocks,” the prime minister said, noting that prior to the setbacks, Jamaica recorded 20 consecutive quarters of economic expansion.

“The next chapter of Jamaica’s economic journey must, therefore, be about accelerating growth, while maintaining fiscal and macroeconomic stability. Resilience is an important part of accelerating growth, as without the capacity to withstand and adapt to shocks, recovery can be slow. Our increased resilience means that we are already on the path to faster growth, better equipped to navigate challenges and seize new opportunities,” Holness added.

The prime minister pointed out that in November 2024, he outlined the key pillars of the Government’s growth strategy, captured in the acronym ASPIRE.

“’A’ is access to economic opportunities for all, that is the inclusive growth agenda; ‘S’ is safety and security; ‘P’ is people and our focus on human capital development; ‘I’ is for infrastructure development; ‘R’ is for reform of the bureaucracy to improve ease and speed of doing business and to reduce the cost of doing business; and ‘E’ means economic diversification. The ‘A’ in ASPIRE, I must emphasise that the first and most fundamental pillar of our growth strategy is access and inclusion,” Holness said.

He reiterated that growth must be for all Jamaicans.

“True progress is not measured solely by GDP figures, but by how many lives are improved, how many doors are opened and how many Jamaicans, regardless of background, have a fair shot at success,” the prime minister said.

“I’ve said this before but let me say it again so that there is no room for misunderstanding and misinformation. The Government does not believe in trickle-down economics – the notion that if we simply grow the economy at the top, prosperity will somehow find its way to the rest of the society. History has shown that growth must be deliberately structured to be inclusive. That is why our approach to economic expansion is people-centred and opportunity-driven,” Holness added.