S&P says economic outlook for Jamaica remains stable, affirms B+ rating

Standard and Poor's Global Ratings on Wednesday affirmed Jamaica's long-term foreign and local currency issuer default rating at B+, with the outlook remaining stable.

A media release from the Ministry of Finance says the S&P rating reflects the agency's notion that Jamaica's economy will continue to recover, with expected gross domestic product (GDP) growth of 4 per cent in 2022.

“This affirmation by S&P, which comes at a time of great uncertainty in the world economy, is yet another sign that Jamaica's strategy of reducing vulnerability and strengthening resilience is paying off,” says Minister of Finance and the Public Service, Dr Nigel Clarke.

The ministry says the stable outlook is grounded in the expectation that Jamaica will remain committed to macroeconomic and fiscal discipline, with a continued downward trajectory of the debt burden.

However, it noted that the S&P pointed out that the country continues to face downside risks from slowing global growth, lower than expected domestic growth, a potential recession in the US, and the impact of global inflation.

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