JMMB Equips Business Leaders with Post-Melissa Strategies for Resilience and Growth
The private sector is being urged to rethink traditional strategies and embrace resilience-driven models as Jamaica navigates the economic and operational shocks triggered by Hurricane Melissa. Against this backdrop, Dr. David Lowe, Managing Director of the Development Bank of Jamaica, engaged business leaders in a timely and critical dialogue on “Driving Growth Amid Disruption: Strategies for Recovery and Resilience” at the recent thought leadership breakfast hosted by the JMMB Group at AC Hotel.
Alwayne Cousins, Country Manager, Client Partnership Officer at JMMB Group, highlighted the importance of this discussion for Jamaica’s business community, stating, “In the aftermath of Hurricane Melissa, businesses are grappling with uncertainty. We believe it is critical to create spaces like this for dialogue and collaboration, so leaders can access insights that help them navigate challenges and uncover opportunities for sustainable growth.”
Dr. Lowe began his presentation by outlining the indelible mark that Hurricane Melissa left on Jamaica’s economy and society, as the disaster delivered more than eight hours of relentless impact that resulted in an estimated US$8 billion in damage and erased nearly eight years of economic progress. Beyond the physical destruction, the storm disrupted supply chains, displaced communities, and strained critical infrastructure, underscoring the urgent need for businesses to rethink resilience strategies and prepare for a future where climate-related shocks are no longer rare events but recurring realities.
Lowe revealed that, globally, the economic toll of climate-related disasters continues to escalate, with 27 major weather and climate events in the United States alone costing an estimated US$182 billion in 2024. Similarly, countries like the Philippines lose approximately 3% of their GDP annually to climate shocks. These figures underscore the reality that climate disruption is not isolated—it is a systemic challenge that demands urgent, coordinated action from businesses and policymakers alike.
In light of these realities, Dr. Lowe emphasized that Jamaica is at a turning point; we must embrace a new paradigm. He emphasized that disruption is no longer an exception but the new
operating environment, driven by climate change, geopolitical shifts, and technological evolution. “Traditional playbooks no longer work,” Dr. Lowe asserted. “Recovery must go beyond replacement, it must focus on resilience, transformation, and creating new growth platforms. Every dollar spent should reduce vulnerability and strengthen capacity for future shocks.”
Dr. Lowe went on to share how businesses can pivot from crisis response to long-term resilience and transformation with the help of a comprehensive framework for recovery built on six interconnected pillars. He urged businesses to rebuild with climate-smart infrastructure that reduces vulnerability, while restoring economic stability through targeted support such as emergency liquidity for MSMEs and rapid insurance payouts. Transformation must be prioritized by leveraging renewable energy, climate-smart agriculture, and digital innovation to create new competitive advantages. At the same time, financial systems must be strengthened through instruments like catastrophe bonds and risk-sharing mechanisms to safeguard future shocks. He also emphasized empowering human capital with skills for green and digital jobs and fostering community-led rebuilding efforts. Finally, strong institutions and real-time data are essential for informed decision-making and transparent public-private partnerships that enhance disaster response and resilience.
The discussion underscored a sobering truth: what once seemed unthinkable and unimaginable has become a lived reality for Jamaica and the wider world. Yet, as Dr. Lowe emphasized, these challenges are also believable opportunities. They are moments to innovate, collaborate, and build systems that can withstand future shocks. For business leaders, this is not just about recovery; it is about reimagining growth in a world where disruption is the norm.
It is this mindset – turning disruption into opportunity – that JMMB seeks to champion through its thought leadership breakfast initiatives. By fostering dialogue and sharing actionable insights, JMMB seeks to empower businesses to build resilience and drive progress, laying the foundation for Jamaica’s long-term economic growth.