Pat Hoyos – Broad Street Journal
KINGSTON, Jamaica, Saturday January 2, 2016 – Jamaica’s stock market had a better year than any other across the globe, says Bloomberg news. In fact, the gains on the Jamaica Stock Exchange were the most of the 92 markets tracked by Bloomberg.
In fact, writes Ezra Fieser on Bloomberg’s website that foreign acquisitions, stronger investor safeguards and a rebounding economy helped the Jamaica Stock Exchange surge more than 80 per cent in 2015.
With economic growth forecast to accelerate for a third straight year, reaching 1.4 per cent in 2015 according to estimates compiled by Bloomberg, Jamaica is slowly emerging from recession while struggling with one of the world’s highest debt burdens.
The government has restructured local bonds twice since 2010, accepting an International Monetary Fund-led financing package in 2013.
Roughly US$700,000 a day in securities were traded in the first 11 months of the year, according to exchange figures, up nearly 40 per cent from last year.
As for the coming year, Finance Minister Peter Phillips has said that government’s stakes in the Petroleum Corporation of Jamaica and power generation and electricity distribution companies may be sold off.
The opinions expressed in this commentary are solely those of Pat Hoyos. This article is exclusively republished with the permission of Pat Hoyos and appeared in the Broad Street Journal. Pat Hoyos is a business writer and publisher of the Broad Street Journal.