Jamaica was a country that learned about inflation and turned around its economy by using a powerful tool, Music.
But in 2012, Jamaica’s economy was so weak it couldn’t even afford to keep the streetlights on.
For several decades, Jamaica struggled with levels of debt so high that they couldn’t service it without significant trouble for the country's economy. In 2013, Jamaica hit a proverbial "wall”, said Minister of Finance Nigel Clarke.
The country adopted a severe austerity plan to try and turned around those red numbers. And they did, until the COVID-19 pandemic hit the country like it has in most other countries and economies around the world.
According to the Ministry of Finance, Jamaica’s economy is expected to contract by over 5 percent this fiscal year and government revenues are expected to decline by double digits while emergency health and social-economic support expenditures increase.
Before the pandemic, Correspondent John Zarrella travelled to the Caribbean island to find out more about the secret to its financial success.