There is a growing disconnect between the economic statistics being celebrated by the Government and the reality being experienced by ordinary Jamaicans.

We hear repeatedly about low unemployment, lower inflation, declining public debt and falling inequality. Yet people are struggling to make ends meet. Food is expensive, housing is increasingly unaffordable, household debt is a burden, and many families are using credit simply to get through the month.

How can both things be true?

The answer is simple: Macroeconomic stability is not the same thing as household prosperity. Jamaica’s macroeconomic stability did not begin in 2016. It was substantially advanced under the Portia Simpson Miller Administration, particularly under Finance Minister Dr Peter Phillips from 2012, and that framework of fiscal discipline has largely been maintained by successive Jamaica Labour Party administrations since 2016. That continuity should be acknowledged.

But stability is only the foundation. The real question is what that stability is delivering for ordinary Jamaicans. Take inflation. Low inflation does not mean low prices. Inflation measures how quickly prices are rising; it does not reverse the price increases that have already taken place. Statistical Institute of Jamaica (Statin) reported point-to-point inflation of 6.7 per cent in June 2026. So when people say their grocery bill, electricity, transportation, and rent are still too expensive, they are not contradicting the statistics. They are describing the reality behind them.

Unemployment was 3.7 per cent in April 2026, according to Statin. But having a job does not necessarily mean having enough income to live comfortably. The unemployment rate does not tell us whether wages are keeping pace with the cost of living, whether people are underemployed, or whether families have anything left after paying their basic bills.

Then there is inequality. Jamaica’s consumption-based Gini coefficient fell from 0.3991 in 2021 to 0.3560 in 2023, according to the Planning Institute of Jamaica. That is a useful measure, but it does not tell us whether Jamaicans own homes, have savings, can withstand an emergency or are building wealth. It measures consumption, not the full financial health of households.

The household debt picture also deserves attention. The Bank of Jamaica reported household non-performing loans of 3.4 per cent at June 2025. The banking system remains resilient, but household financial stress should concern us. We must ask whether people are borrowing to invest and build wealth, or borrowing simply to maintain their standard of living.

The performance of Jamaican businesses also raises questions. The Jamaica Stock Exchange reported that its own 2025 net profit fell 11.3 per cent to $440 million, despite revenue increasing 8.9 per cent. Its operating expenses rose 18.6 per cent. The wider market also experienced periods of weak trading and falling share prices among several listed companies.

And then there is economic growth. Jamaica’s economy contracted by 4.1 per cent in the first quarter of 2026. Hurricane Melissa was a major factor, but Jamaica’s longer-term problem remains weak economic growth and low productivity.

None of this means that macroeconomic stability should be abandoned. Quite the opposite. We must protect it. But we must stop confusing stability with prosperity.

The next phase of economic policy must focus on whether wages are rising, whether families can afford homes, whether businesses are expanding, whether households are saving rather than borrowing, and whether ordinary Jamaicans are building wealth.

The Government’s economic dashboard may show stability, but the household dashboard is telling us something different. And the question we must now answer is not simply whether Jamaica’s economy is stable, it is whether Jamaicans can afford to live, save, own, and build a better future. Right now they cannot!

— Christopher R Brown is the Opposition spokesman on science, technology and digital transformation and is the current Member of Parliament for St Mary South Eastern.