Prime Minister Andrew Holness has prolonged his gratitude to the members of the Jamaican diaspora for his or her steadfast help and contributions to the nation’s improvement.
Talking on the tenth Biennial Jamaica Diaspora Convention held in Montego Bay, the Prime Minister highlighted the numerous influence of the diaspora’s dedication to Jamaica’s ongoing transformation.
Strategic diaspora engagement and its impacts
Prime Minister Holness praised the diaspora for his or her position within the broadening scope of engagement throughout varied nontraditional sectors.
He emphasised how this strategic engagement helps essential nationwide initiatives, notably these geared toward fostering peace, productiveness, and youth empowerment—the themes encapsulated on this 12 months’s convention titled ‘United for Jamaica’s Transformation.’
Financial progress and challenges post-pandemic
Regardless of going through international challenges, Jamaica has skilled notable financial progress, with 12 consecutive quarters of growth post-COVID-19.
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Previous to the pandemic, the nation noticed its longest interval of financial growth since gaining independence.
The Prime Minister expressed a need to speed up this progress additional, aiming for greater percentages that might extra considerably remodel the financial system.
Employment and financial achievements
The federal government’s efforts have additionally been mirrored within the nation’s employment charges, with the Prime Minister noting a historic low unemployment fee of 4.2 % and the creation of over 156,000 jobs since 2016.
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He acknowledged the necessity for higher-paying jobs however emphasised the significance of preliminary employment as a basis for future upskilling.
A milestone in monetary administration
Vital fiscal administration has led to a discount in Jamaica’s debt to GDP ratio, which now stands at 72 per cent. This achievement marks a considerable lower, positioning the nation for higher monetary stability.
Moreover, Jamaica recorded a balance-of-payment surplus for the fiscal 12 months 2022/23, a major financial indicator that had not been achieved since 1966.
Diaspora’s position throughout financial hardships
Prime Minister Holness additionally acknowledged the diaspora’s essential help throughout the hardest intervals of the pandemic, notably when tourism, a significant financial sector, was at a standstill.
The remittances from the diaspora supplied important help, serving to to stabilize the Jamaican financial system throughout unprecedented occasions.
Opposition acknowledges diaspora’s affect
Echoing the emotions of the Prime Minister, Opposition Chief Mark Golding highlighted the essential position of the diaspora in sustaining the nation.
He famous that Jamaicans overseas are important in supporting the nation’s steadiness of funds and the worth of its forex, particularly throughout the current international challenges posed by the pandemic.
