Jamaica’s debt-to-GDP ratio should fall below 70 percent by the end of March. But what does that mean for you and your pocket?
So there’s been a lot of positive economic news recently. The unemployment rate is at 3.5 percent. Historic! Debt-to-GDP ratio is expected to fall below 70 percent by the end of the current financial year in March. That’s the lowest in thirty years. Historic!
The BOJ has been consistently reducing interest rates and inflation is trending down.
All of that is good news. But it doesn’t really feel like good news to us regular people. So what does the government need to do so that we can actually feel the success in our pockets?
CEO of Barita Investments, Ramon Small-Ferguson shared his perspective on Taking Stock.
According to Ramon, growth doesn’t just happen. You have to take deliberate steps.
Such as… establish an Economic Growth Council?
Well that didn’t work. So what will?
Clearly, you can’t just speak it into being. But I do believe we are on the verge of meaningful growth. We’re just right there.
We’ve gotten credit ratings upgrades from Moody’s, Fitch and Standard and Poor’s, which means we’re open to more and better foreign investments. But once we get these investments, can our infrastructure and systems support growth?
According to the Barita Boss, Jamaica’s in a good position for growth. But we need proper funding to capitalise on these opportunities. For roads, schools and skills training. And better pay! Or we’re never going to feel the macroeconomic achievements on a personal level.
And that’s the bottom line.