NCB boss Michael Lee-Chin, Sandals Chairman Adam Stewart, and the JLP Government, steadfastly proclaimed that the Jamaican economy could grow by five per cent in four years.

That target was never achieved, not even close. Jamaica didn’t even get to half of that.

For the last few years, it was proclaimed that Jamaica would attain developed status by 2030. That too will never happen.

Promises made, promises broken.

Speaking at a press conference earlier today, Leader of the Opposition (PNP), Mark Golding said: “The prime minister’s promises on Sunday [JLP Annual Conference] rings hollow like the now defunct Economic Growth Council (EGC) and the spectacular failure of delivering five per cent annualised economic growth after four years which has not happened.“

Only yesterday, the Governor of the Bank of Jamaica Richard Byles said that the economy is estimated by the PIOJ to have contracted by 2.8 per cent for the September 2024 quarter, in contrast to the growth of 0.2 per cent recorded for the June 2024 quarter. The decline mainly reflected contractions in domestic crop production and in the mining sector, due to Hurricane Beryl on July 3.

“For the December quarter, the economy is estimated to contract within the range of -1.0 to 0.0 per cent.

Back in 2020, then Minister of Finance Dr Nigel Clarke defended missing the five in four target, explaining: “Growth is a means to an end, and we have achieved the ends. We have achieved the ends to which our growth targets have been set, a reduction in poverty, reduction in unemployment, and increased revenue.” 

Jamaica’s annual growth rate is projected to come in at around 1.60 per cent in 2025.

Last month the World Bank downgraded its outlook for economic growth in Jamaica. The country is now expected to register economic growth of 0.8 per cent in 2024.