Jamaica's economy is grooving again and its central bank celebrated with a reggae video about inflation
- The Bank of Jamaica is celebrating the island's economic turnaround with a viral reggae video about inflation.
- "Low, stable, and predictable inflation is to the economy what the baseline is to reggae music," sings artist Tarrus Riley in the video, which has been viewed more than 170,000 times on Twitter.
- The central bank is using the campaign to teach citizens about inflation targets and monetary policy.
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The Bank of Jamaica is celebrating the Caribbean island's economic turnaround with a reggae video teaching citizens about the need for steady inflation.
The video, which has racked up more than 170,000 views on Twitter, is the latest in a series intended to improve Jamaicans' understanding of inflation targeting and monetary policy. "We want inflation low so we can plan and prosper," sings artist Tarrus Riley. "But if it drops too low, we can't grow."
"Low, stable, and predictable inflation is to the economy like what the baseline is to reggae music," he adds. "Reggae music run the country, like low and stable inflation haffi run di economy (sic)."
See the video here:
Jamaica's central bank has helped to revitalize Jamaica's economy in recent years. Inflation was 4% in April and 4.8% in May, within its target range of 4% to 6%. Government debt has shrunk from 150% of national GDP about seven years ago to below 100% in this year's budget, unemployment fell to an all-time low of 8% in January, and the country has grown for 18 quarters in a row, according to the AP.
However, Jamaica's economy grew a modest 1.9% last year, and critics have flagged crime and aging infrastructure as major problems. The Bank of Jamaica has more work to do before it can release a redemption song.