World Bank Highlights Jamaica as Model For The Region Amid Global Uncertainties

The World Bank has pointed to Jamaica as a model to follow as it calls on Latin America and the Caribbean to adapt their economic strategies in the face of increasing uncertainties and growing global economic volatility.

That’s one of the key take away’s of the multi-lateral’s Latin America and the Caribbean Economic Review for 2025 released on Thursday.

Colliecia Wright tells us more.

Expectations for global growth have been slashed across the board due to growing trade volatility and uncertainty caused by US Administration’s trade policies.

The World Bank forecasts growth of 2.1 percent in 2025 and 2.4 percent in 2026 for the region.

This makes Latin America and the Caribbean the slowest-growing region worldwide. 

The World Bank says the forecast is linked to low investment, high debt, and a shifting external environment as major barriers to the region’s development.

It says despite some progress in controlling inflation, fiscal deficits remain a pressing concern for the region.

The regional Debt-to-GDP ratio is expected to reach 63.3 percent in 2024, up from 59.4 percent in 2019.

The World Bank says the entire region still needs to generate more fiscal space through gains in efficiency, spending reductions, and better designed tax systems.

It says the path of public debt varies considerably across the Caribbean and Central American regions.

The report says economic growth and fiscal discipline have contributed to some countries making significant progress in lowering debt-to-GDP ratios, reaching levels well below pre-pandemic levels.

Jamaica was singled out as one such country alongside Barbados and Belize.

Particular credit was given to the Economic Programme Oversight Committee, EPOC.

This the World Bank says ensured transparency and built societal consensus around fiscal discipline in the country.

The World Bank says this serves as a model for the region.

The report forecasts growth in Jamaica of 1.7 percent for 2025 and 2026.

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