INSIGHT JAMAICA


Inna Di Morrows Jamaica


The government is seeking to attract major investors to establish Integrated Resorts in


Jamaica. In March 2022, Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke,


reiterated that investments of approximately $1bn were anticipated for Integrated Resort Development projects, for which two licences would be granted in the upcoming fiscal year. However, the granting of licences has been a long saga running for over 10 years due to the huge requirements placed on operators.


Jamaica’s tourism industry, which accounts for 70 per cent of its GDP, was hit hard by COVID-19. Te pandemic caused a GDP decline of more than 9 per cent and almost 50,000 people lost their jobs. However despite this, the outlook appears very positive overall with tourism making a much quicker than expected recovery. Indeed the number of hotels in Jamaica is set to double over the next 10 years.


Building projects include the Princess Hotel in Hanover with 2,000 rooms. A 1700-room Hard Rock Casino Hotel in St. James, a project in Trelawny in northwest Jamaica encompassing 3,000 rooms, and a Marriott International all-inclusive resort which will add another 800 rooms to this tally. Combined these projects alone are projected to generate some 50,000 jobs.


In its last report released in February the International Monetary Fund (IMF) - in uncharacteristically glowing terms - announced that the Jamaican economy is now improving as a result of a sound policy frameworks and the government’s focus on macroeconomic stability. Inflation rate is expected to fall as the year progresses while unemployment is already at an all time low.


In a statement the IMF further WIRE / PULSE / INSIGHT / REPORTS P49


outlined the reasons for this describing Jamaica’s response to the epidemic and other global shocks as both “nimble” and “prudent”.


“As COVID waned, stopover flight arrivals had rebounded to pre- crisis levels, and 2022 real GDP growth is expected to be around four per cent,’ it said in its latest assessment. “Pushed by global factors — in particular, the impact


Building projects include the Princess


Hotel in Hanover with 2,000 rooms. A


1700-room Hard Rock Casino Hotel in St. James, a project in Trelawny in northwest Jamaica encompassing


3,000 rooms, and a Marriott International all-inclusive resort which will add


another 800 rooms to this tally.


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