Jamaica Slashes Public Debt by Half Over 10 Years Through Fiscal Reforms and Economic Growth

Jamaica has cut its public debt in half over the past 10 years, from 146% of GDP in 2013 to 73.5% in 2023. This is an exceptional achievement.

Two main reasons implementation of a fiscal law capping debt and spending, and increased tax revenue through eliminating loopholes and raising income taxes.

Broad political and civil society consensus was built around the debt reduction plan to ensure buy-in and continuity.

The plan has not negatively impacted the economy - social protection was strengthened and poverty reduced, according to the World Bank.

Jamaica protected vulnerable groups and stimulated the economy during COVID-19, while still continuing its debt reduction trajectory.