PRIME Minister Andrew Holness has credited “good economic management” by his Administration for Jamaica’s ability to recover quickly from hard economic shocks in recent years.

In an unscheduled presentation at a general meeting of the Jamaica Labour Party’s (JLP) youth arm, Young Jamaica, at The University of the West Indies on Wednesday night, Holness said through the work of his Administration, Jamaica has managed to claw its way back from situations which could have crippled the economy.

“Jamaica has not faced a pandemic of the nature that we have faced in the last 100 years, and look how fast we have recovered. Jamaica is the fastest-recovering country in the region. We have been hit by a hurricane almost of the same category as Hurricane Ivan [2004, and it] did similar damage but it’s as if the hurricane [Beryl] never happened. How is that possible? We didn’t have to go and borrow for the recovery. What caused that? Good economic management,” declared Holness.

“The history of Jamaica is that we were never able to recover quickly from shocks — and that helped to increase our debt. Now, because we have managed the economy well we don’t have to borrow to recover from debt, shocks. Right now what good economic management does is bring stability and predictability and build resilience,” added Holness.

Highlighting that “power is knowledge”, Holness encouraged young people to educate themselves on Jamaica’s economic history, especially the country’s recovery following the Financial Sector Adjustment Company (Finsac) fallout.

Finsac was registered in January 1997 with a mandate to restore stability to Jamaica’s financial institutions. However, critics have since expressed that instead of bringing stability Finsac’s efforts led, in large measure, to the wipeout of local investors whose assets were placed in fire sales to overseas investors.

It is reported that the Finsac débâcle cost the Jamaican economy approximately $120 billion or about 40 per cent of gross domestic product (GDP).

Claiming that his Administration has worked tirelessly to correct some of the economic disasters created by Finsac, Holness said a financial relapse would be detrimental to the country’s economy.

“We have brought down the debt, we are taking less from your future, and we’re building up reserves,” he said.

“I am very much afraid of thinking what could happen if, for any reason, stable hands were to come off the wheel. I shudder to think — and therefore I am determined to ensure — that we don’t fall into the rut that we fell in when the country was destroyed in the 70s, rebuilt in the 80s, and then for 18 1/2 years we fell into a lull. We cannot make that happen,” added Holness.

According to Holness, “People who are talking now, people who are seeking to lead the country now, they benefited, became millionaires and billionaires on the backs of the people.

“I have no doubt that is what they want to come back to do to the Jamaican economy — to come and get wealthy on the backs of the poor. I will not allow that to happen, and I hope that my voice is carrying.”

While he admitted there is still work to be done on the Jamaican economy, Holness said he remains dedicated to ensuring, “Jamaica is a place that is showing promise, progress and prosperity”.