The Government of Jamaica has announced a historic milestone in the nation’s economic journey— achieving macroeconomic stability.

This remarkable accomplishment marks the end of a challenging chapter defined by debt, fiscal constraints, and economic uncertainty, and the beginning of a new era focused on growth and prosperity for all Jamaicans.

At a policy briefing Tuesday evening, Prime Minister Dr Andrew Holness reflected on Jamaica’s journey from economic crisis to stability: “In 2013, Jamaica stood at the edge of an economic precipice, burdened by unsustainable debt and soaring unemployment. Today, through disciplined financial management, sound policies, and the resilience of our people, we have halved our debt-to-GDP ratio, reduced unemployment to record lows, and built the largest international reserves in our history. This is truly a national achievement, and we must celebrate it together.”

Key indicators of success Jamaica has achieved are:

• Debt-to-GDP: Reduced from a staggering 146% in 2013 to under 70%.
• Unemployment Rate: Dropped from 15% to a record low of 4.2%.
• Net International Reserves: Increased from US$0.9 billion to US$5.7 billion.
• Credit Ratings: Improved significantly, with Jamaica now only three notches away from achieving investment-grade status.

Holness credited the success to the collective efforts of policymakers, business leaders, unions, civil society, and the Jamaican people, highlighting the critical role of bipartisan collaboration and national sacrifice.

While celebrating this accomplishment, Holness emphasized that macroeconomic stability is not the destination but the foundation for the next phase of Jamaica’s economic transformation.

“Stability was never our final goal; it is the springboard for inclusive, transformative growth. We are now poised to pivot to a new chapter where we focus on creating opportunities, generating wealth, and achieving economic independence for all Jamaicans.”

The government’s next steps include bold initiatives to drive growth, improve productivity, and invest in human capital and infrastructure. Programmes and policies under the ASPIRE Jamaica framework will ensure that the benefits of stability translate into tangible improvements in the lives of every Jamaican.