KINGSTON, Jamaica, CMC – The Planning Institute of Jamaica (PIOJ), in its 2023 Prevalence of Poverty knowledge, says the nation recorded its lowest poverty fee ever in 2023.
Based on the information launched on Wednesday, the poverty fee fell from 16.7% in 2021 to eight.2% in 2023. This represents the bottom ever because the nation started measuring the poverty fee in 1989.
The PIOJ launched the information at its quarterly press briefing. The speed was computed utilizing the findings of the Jamaica Survey of Residing Situations (JSLC) administered by the Statistical Institute of Jamaica (STATIN).
Presenting the findings, PIOJ’s Director Common Dr. Wayne Henry stated the nation’s robust post-COVID restoration largely drove the decline.
“By 2023, the nation had formally recovered from the shock of COVID-19 and entered a brand new progress section. The Jamaican financial system grew by 2.6%, marking the third consecutive 12 months of financial progress because the top of the COVID-19 pandemic. It is very important word that earlier than the pandemic, Jamaica had already launched into a sustained progress trajectory, recording seven consecutive years of progress as much as 2019. COVID-19 disrupted that path, however we remained dedicated. Our post-pandemic rebound has been robust. Actual worth added in 2023 surpassed 2019 ranges, confirming a full restoration and new ahead momentum,” he defined.
Noting that progress in 2023 was broad-based, Henry stated this means that extra Jamaicans had been actively collaborating within the labor drive and incomes incomes that enabled them to satisfy their household’s wants and enhance their dwelling requirements.
“It was pushed by elevated employment, expanded output in 9 of 12 industries, and better exterior demand for Jamaica’s companies, significantly in tourism and enterprise course of outsourcing. This progress created jobs, raised family earnings, and supported poverty discount. Employment ranges reached historic highs. In October 2023, 1.32 million Jamaicans had been employed, a rise of greater than 85,000 individuals in contrast with October 2021.”
He stated the unemployment fee fell by 2.9 share factors to a then-historic low of 4.2%, with notable declines throughout gender and age teams. Youth unemployment fell by practically 6.3 share factors.
The estimate for 2024 will likely be offered later this 12 months as soon as the JSLC knowledge is acquired from STATIN.
