Standard and Poor's, the world's top credit ratings agency, says Jamaica is now at a crossroads.
While the country is emerging from its debt crisis, S&P warns that economic growth remains far below that of countries with the same rating.
The agency cites crime, corruption, low productivity, weak competitiveness and exposure to external shocks as key drags on growth.
S&P stresses that the challenge for policymakers is to shift from austerity to growth while maintaining fiscal stability.
The agency notes that faster growth could lead to a further upgrade, just as reducing the debt burden has done.
S&P Global Ratings on Thursday raised its long-term foreign and local currency sovereign credit ratings on Jamaica to BB from BB- and its transfer and convertibility assessment to BB+, from BB.
The agency says the country's outlook is positive.
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