Business View Caribbean - Feb 2024

Jamaica’s economic landscape, citing significant achievements such as an improved credit rating, a reduced debt-to-GDP ratio, and a notable decrease in unemployment rates to around four percent.“These are signals of a resilient country, but not by luck, but by effort,” she emphasizes, acknowledging the concerted efforts behind these positive developments. Despite the challenges posed by high-interest rates aimed at curbing inflation, the JSE has remained a pivotal player in Jamaica’s economic strategy. She positions the JSE as a barometer of the economy’s health, reflecting broader economic trends and investor sentiment.“The stock exchange acts as a barometer in terms of how the economy is doing,” she notes, illustrating how the exchange’s performance can signal broader economic conditions to market participants. Despite a downturn in the market index, she points out the increase in listings on the exchange, with a significant portion of capital mobilization occurring in the bond market. This diversification in financial instruments, including equities, bonds, preference shares, and private market offerings, emphasizes the JSE’s adaptability and critical role in facilitating access to capital for business growth and expansion. STRATEGIC PRIORITIES FOR 2024 As the JSE strides into 2024, it does so with a clear vision for its future, marked by innovative financial instruments, a commitment to sustainability, and enhancing market efficiencies. Under Dr. Street Forrest’s leadership, the JSE is poised to introduce several key initiatives that promise to elevate its position further within local and international financial landscapes. Dr. Street Forrest outlines the JSE’s top priorities for the year, emphasizing the introduction of short selling, developing a green bond market, and commercializing data as pivotal focus areas. “This year, we will be offering short selling to the market,” she asserts, highlighting the importance of this development in providing investors with more sophisticated trading strategies and enhancing market liquidity. “With an expected launch in the middle of the year, we are looking at the framework for sustainable bonds,” Dr. Street Forrest elaborates. Data commercialization is another crucial initiative, responding to the growing demand for accessible, comprehensive market data. Dr. Street Forrest notes, “Data commercialization is an area that we have started to develop, and that should be completed by the second half of the year.” Partnerships play a vital role in these developments, with the JSE collaboratingwith local and international entities to realize its objectives. The Inter-American 55 BUSINESS VIEW CARIBBEAN VOLUME 11, ISSUE 02 JAMAICA STOCK EXCHANGE (JSE)