| Mar 31, 2023

Jamaicans to benefit from strong economic recovery within two years, guarantees Prime Minister

/ Our Today

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Prime Minister Andrew Holness (centre) opens the entrance to the new Red Stripe Cellars Expansion for Beer Production (CERS) alongside Luis Prata (left) managing director at Red Stripe, and Peter Melhado (right), chairman. (Photo: JIS)  

Jamaicans can look forward to feeling the benefits of the government’s strong economic recovery from the COVID-19 pandemic, according to Prime Minister Andrew Holness.

Speaking at the official launch of the Red Stripe Cellars Expansion for Beer Production (CERS) project on Tuesday (March 28), Holness stated that within two years, individuals would start to feel the economic effect of the recovery.

He assured that the benefits would not just trickle down but flow through the economy so that everyone could feel the effect of good economic management and good governance.

“As a Government, we are making sure that we maintain the economic pathways that will deliver success and at the same time take on the many social challenges that will improve quality of life,” said Holness.

Prime Minister Andrew Holness (left) greets Manag Luis Prata (right), managing director at Red Stripe, at the official launch of the Red Stripe Cellars Expansion for Beer Production (CERS) project on Tuesday (Mar 28). (Photo: JIS)

Jamaica’s economy has been estimated to have expanded by 3.4% in the fourth quarter of 2022, signalling the country’s recovery from the COVID-19 pandemic. The economy officially grew by 5.8% in the third quarter of 2022; 4.8% in the second quarter; and 6.5% in the first quarter. Additionally, employment figures from April 2022 show that 1,269,300 persons are holding jobs, the highest number in history to date.

However, the pandemic, inflation driven by high oil prices, and its consequent impact on supply chains, have delayed the consumer experience of these economic gains. The challenge for the government going forward is to ensure that these great things are translated for the ordinary person to appreciate and feel a part of this great achievement.

Holness noted that the key to ensuring that the gains flow to Jamaicans is maintaining the program of fiscal prudence to secure continued investment and economic growth, keeping taxes low, getting inflation to targeted levels and ensuring that this remains stable and predictable.

He added that the government must continue good, sound fiscal policies to ensure that investments can continue and that the recovery, growth, and low unemployment rate are maintained.


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