The economic aftermath of Hurricane Melissa has been preliminarily assessed at a staggering $6 to $7 billion, a figure that represents approximately 28 to 32 percent of the nation’s projected gross domestic product (GDP) for the 2024/2025 fiscal year. This estimate was disclosed by Prime Minister Dr. Andrew Holness during a statement delivered in the House of Representatives on Tuesday. Dr. Holness emphasized the anticipated short-term economic slowdown, particularly in the most severely affected regions. The agricultural sector is expected to face a decline in output as farmers work to replant crops and livestock operations recover. Meanwhile, the tourism industry, known for its resilience, is making swift efforts to reopen but will require targeted support to restore its capacity and rebuild consumer confidence. Additionally, small and medium-sized enterprises (SMEs) across retail, manufacturing, services, and the creative industries have incurred substantial losses. These businesses will need liquidity assistance and recovery programs to rebuild inventories, repair damaged facilities, and resume operations. The government’s focus is now on implementing measures to mitigate the long-term economic impact and support affected sectors in their recovery efforts.
Melissa damage to Jamaica up to US$7 billion in preliminary estimate, says Holness
