According to the Jamaica Information Service (JIS) Jamaica’s private sector leaders are optimistic about the country’s economic growth. They believe the recently presented budget, which outlined the government’s priorities for the upcoming year, will accelerate economic expansion.
The private sector is especially enthusiastic about the budget’s focus on areas such as security, roads, water, and housing.
The country’s economic indicators also show that the economy is recovering well from the COVID-19 pandemic, with a record low unemployment rate and significant growth in key sectors such as tourism and agriculture.
The President of the Private Sector Organisation of Jamaica, Metry Seaga, believes that the country’s location gives it a significant advantage in attracting many different industries, and he is confident that the post-pandemic economic growth will continue in 2023/24.
Other highlights from the budget include the implementation of a $40-billion programme to rehabilitate up to 2,000 roads, the allocation of $6.9 billion for road and bridge repair and maintenance, and the transition of several government employees from contract to full-time employment.
The adjustment in the general consumption tax regime for the sale of used cars, which will see dealers paying a rate of 15 per cent on markup prices, has also been welcomed.