Prudent macroeconomic management and fiscal strategies have transformed Jamaica’s economic outlook, with the nation poised to reap the benefits.
Prudent macroeconomic management and fiscal strategies have transformed Jamaica’s economic outlook, with the nation poised to reap the benefits.
Jamaica’s notable economic progress in recent years has captured the attention of investors across the globe. The nation’s debt-to-GDP ratio has been cut from 147% to 74%—the lowest level in 25 years—bringing the target of 56% within reach. This has enabled the country to better weather recent global macroeconomic shocks and reinvigorated growth expectations. “We have transformed our economy from what was once deemed a ‘basket case’ to an IMF ‘poster child’,” says Minister of Industry, Investment and Commerce Aubyn Hill. “Through prudent management, we have restored fiscal stability across eight consecutive budgets without raising taxes or borrowing to weather challenges.”
Reforms under the administration of Andrew Holness include the establishment of an independent central bank, the creation of the Fiscal Accountability Committee, and the enactment of the Financial Accounting and Audit Act—all designed to ensure financial discipline and resilience for the long term. Meanwhile, the appointment of Finance Minister Nigel Clarke as deputy managing director of the IMF underscores the nation’s burgeoning reputation in the global financial arena.
“Jamaica now boasts strong fundamentals,” Hill continues. “We speak English, have no currency controls, and maintain a legal system which appeals to investors accustomed to British or New York law. Our young workforce, proximity to the U.S. market, and commitment to transparent, compliant business practices make Jamaica an increasingly attractive destination for global investment.”
Aubyn Hill boasts over 35 years’ experience in international banking, including 21 years spent in the Middle East. His extensive government service includes previous roles in the Ministry of Economic Growth and Job Creation and as CEO of the Prime Minister’s Economic Growth Council.
Q: What is your strategy for advancing Jamaica’s business and investment landscape?
Over the past seven years, we have significantly improved our fiscal health, reducing our debt-to-GDP ratio and recording 20 quarters of growth before the pandemic and 12 quarters since. Moving forward, our focus will shift toward expanding exports of goods and services.
Services will be vital. To compete, we need a skilled workforce, so we are aiming to enhance educational efficiency to better prepare our people. Tourism is another strong sector, with 20,000 new hotel rooms planned and expansions like a new airport in Negril recently announced. Additionally, we are evolving our business process outsourcing sector into knowledge processing outsourcing (KPO), aiming to make Jamaica the leading KPO hub in the Caribbean and Latin America.
Q: What benefits arise from Jamaica’s strengthened ties with the UAE and Middle East?
For investors from the Middle East, Jamaica offers an appealing legal system based on English law, with direct ties to London. Additionally, we are promoting Jamaica as an ideal logistics and travel hub. With a largely underused airport capable of accommodating large aircraft, Middle Eastern airlines could establish a Kingston hub, facilitating travel for those with visas to the US and offering alternative routes throughout Latin America and the Caribbean for those without.
Jamaica’s geographic location near the Panama Canal also makes it a prime logistics centre. We are actively seeking investment in ports and special economic zones (SEZs) to support logistics operations across the Caribbean, and our position also enables easy shipping to both Europe and Latin America.
With Guyana’s booming oil industry and rapid growth, there is also an opportunity for Jamaica to become a logistics hub for oil services. Additionally, Jamaica’s strategically protected port in Kingston is an ideal destination for Middle Eastern investors looking to establish a logistics centre that serves the Caribbean and Latin America, not only for oil services but for consumer goods as well.
Meralco’s ecosystem extends beyond the grid. Subsidiaries such as MIESCOR, focusing on EPC services, MSERV, an energy efficiency solutions company, and Radius, a premium fibre provider for SMEs, are driving energy infrastructure development, distributed energy solutions, and enterprise-grade fibre connectivity. Bayad, pioneering outsourced payment collection services, processes millions of transactions monthly across over 650 centres and through partnerships with major e-wallets. Meanwhile, Meralco’s green mobility arm, Movem, is expanding its EV charging network in support of the national goal of 7,000 chargers by 2028.
For investors, Meralco’s renewed 25-year franchise offers long-term visibility and stability. Core net income rose 11% in the first quarter of 2025, driven by rising energy demand and increased operational efficiency. With investment-grade ratings from Fitch, Moody’s and S&P, a robust regulatory record and a strong governance structure, the company is well positioned to lead the industry through a transformative period. Meralco today stands as a strategic growth platform – meeting growing demand while powering the clean energy transition in the Philippines.
