#Thread
Our record is strong, we will recover stronger.
The policies of this Government have been working for the majority of Jamaicans evidenced by the lowest levels of unemployment in Jamaica’s history and a 40% drop in poverty since 2015.
Our record is strong, we will recover stronger.
The policies of this Government have been working for the majority of Jamaicans evidenced by the lowest levels of unemployment in Jamaica’s history and a 40% drop in poverty since 2015.
The unemployment rate, at 7.2% in January 2020 was the lowest level in Jamaica’s history i.e. in at least 58 years.
The gender gap in unemployment fell dramatically from 9.6% to 2.6%. Jobs grew faster for women who historically suffered from twice the unemployment rate of men.
The employed workforce, at 1,269,100 was the largest ever measured in Jamaica’s history.
The rate of poverty fell by 40% to the lowest level in 10 years.
Under this Govt, the economy grew for 14 consecutive quarters from Q2 2016 to Q3 2019 with flat growth in Q4 2019 and pre-COVID, PIOJ/BOJ projected 1.2% growth for 2020.
Since we started measuring growth quarterly in 1997, no other Jamaican administration has presided over such a long stretch of unbroken quarterly economic growth.
We increased budgetary allocations to to the PATH Cash Grant and the School Feeding Programmes by 83% since 2015/16.
In addition, We are implementing, for the first time, a Social Pension for elderly persons not in receipt of a NIS or private pension and who are in need.
This Government has engaged in the deepest and broadest level of net tax cuts in Jamaica’s history:
We reduced GCT by 1.5% from 16.5% to 15%.
We increased the threshold for GCT from $3 million to $10 million benefiting thousands of Small Businesses.
Approximately 80% of PAYE earners no longer income tax due to the Government’s increase in the income tax threshold to $1.5 million.
- We abolished the Minimum Business Tax.
- We created the MSME Tax Credit of J$350,000 for all MSMEs who file taxes.
- We abolished Stamp Duty on financial and real estate transactions.
- We created the MSME Tax Credit of J$350,000 for all MSMEs who file taxes.
- We abolished Stamp Duty on financial and real estate transactions.
- We dramatically reduced Transfer Tax on financial and real estate transactions from 5% to 2%.
- We slashed JACRA fees, in aggregate, by 50%.
- We slashed JACRA fees, in aggregate, by 50%.
Interest rates have been reduced 10 times since 2018, falling to their lowest levels in Jamaica’s history.
Jamaica’s debt is at its lowest level in 20 years.
Jamaica’s credit rating was upgraded to its highest level in 20 years by Moody’s and highest in 10 years by Standard and Poors.
Jamaica’s credit rating was upgraded to its highest level in 20 years by Moody’s and highest in 10 years by Standard and Poors.
Jamaica added US$1 billion in non-borrowed reserves between 2016 and 2019.
Inflation has been low, stable and predictable for the past four years: 4.1%, 3.9%, 3.4%, 5.2% for 2016/17, 2017/18, 2018/19 and to last data available for 2019/20.
We established the Tourism Workers Pension Scheme all tourism workers have an opportunity, for the first time, to save for a pension to which their employers also contribute.
We broadened the ownership base of the Jamaican economy with the IPOs of Wigton Windfarm and TransJamaica Highway where tens of thousands became shareholders.
We are introducing the Marcus Garvey Scholarships for Public Sector workers which will provide an opportunity for 150 public sector workers to pursue graduate studies at the best universities in the world including Harvard, Oxford, John Hopkins, University of London, UWI & UTECH.
