On November 7, 2019, the black, green and gold Jamaican flag was flown at the New York Stock Exchange (NYSE) as a tribute to the fact that the Jamaican stock exchange (JSE) is the best-performing stock exchange in the world. According to Caroline Hyde, a business anchor on Bloomberg TV, the island’s stock exchange is having the best performance in the world, with its main index outperforming global benchmarks followed by Bloomberg in 2018. Marlene Street-Forrest, the managing director of the JSE received an invitation to discuss the island’s achievements with the television network and cited Jamaica’s stable economy and the optimism about Jamaica expressed among investors, business people, and consumers. She went on to state that what has been going on in terms of the economy in Jamaica has encouraged Jamaican firms to perform better in the areas of corporate governance, training, and other relevant matters. The hard work put in by the companies and authorities is paying off in terms of dividends, Street-Forest noted.
Street-Forrest told Bloomberg RV that the JSE is growing very fast, which is another reason it is in New York; the JSE had previously visited Canada as people there are also curious and interested as they see the results displayed by the index. Jamaican firms themselves are performing very well, Street-Forrest said, providing dividend payouts and favorable stock price appreciation.
Jamaican Prime Minister Andrew Holness went on Twitter to praise the JSE for its “great achievement for our small island.” He also wrote that the SJE has performed “exceptionally well over the last year and was voted number #1 stock market in the world in 2018.”
The recognition by the NYSE came at the same time that Jamaica’s Finance Minister Dr. Nigel Clarke made the announcement that the country’s relationship with the International Monetary Fund (IMF) had officially ended. According to Clarke, Jamaica formally completed an IMF program lasting six-and-a-half years. “This is a Jamaican home-grown achievement, that has gained attention around the world and one that we must continue to build on,” Clarke added.
Photo source: Jamaica Stock Exchange Twitter