Golding accuses gov't of failing to invest in the economy

 

Opposition Leader Marker Golding is accusing the Andrew Holness administration of failing to invest in the economy despite improvements in the country's debt stock and foreign exchange reserves.

 

The International Monetary Fund has praised Jamaica for its strong economic management and resilience, following its 2025 Article IV Consultation.

 

An IMF team, led by Mauricio Villafuerte, says Jamaica has sharply reduced its public debt, anchored inflation and strengthened its external position over the past decade. 

 

Despite a dip in GDP caused by Hurricane Beryl and Tropical Storm Rafael, the IMF says the economy is on track to recover.

 

But speaking out at a forum in St. Ann on Wednesday evening, Mr. Golding argued that despite the economic variables, there has been no growth in the economy. He said the government has failed to pump the savings being enjoyed into the economy to repair road infrastructure and improve the education and healthcare sectors.

 

"We have not seen our economy take off. In fact, our economy is relatively stagnant. The rate of growth which we have seen over the last 10 years, has really been miniscule. We have never even achieved 3% growth in a single year. And in several years, we've had rates of growth less than 1%. And last year, we had negative growth. But there's a broader question then. How is it that we have a stronger financial base as a country, we have good reserves, we have managed to bring unemployment down, according to the official statistics, inflation is relatively low and so on, yet we can't produce growth?" he questioned.

 

Mr. Golding lamented that other countries in the region are experiencing economic growth while Jamaica lags behind. 

 

"The lack of growth means that the wealth per capita of our people, the wealth if you share it among our whole population, our wealth is around US$7,000 per year.... And this is way less than players in the Caribbean region. And not even looking at Cayman and Bermuda and those countries. Looking at countries like Trinidad, Guyana, Barbados, Antigua, St. Lucia, we are 2, 3, 4 times less well off than they are. And this is unacceptable because our situation is not that different to theirs," he argued.

 

Prime Minister Dr. Andrew Holness has maintained that despite improved reserves, revenue intake and stability, his administration will be prudent in its spending.