Jamaican Economy – The Growth Path ahead”

Thursday 12th November

Vision 2030 Jamaica is the first long-term National Development Plan which aims to put Jamaica in a position to achieve developed country status by 2030. The plan envisages a major transformation from a middle-income developing country to one which affords its citizens a high quality of life and world-class standards in areas including education, health care, nutrition, basic amenities, access to environmental goods and services , civility and social order. The administration was progressing with this plan however, the economy of Jamaica declined approximately 18% year-on-year in the second quarter of the year amid fallout from the global pandemic and the related containment measures that the government has had to implement, The mining, quarrying, manufacturing, construction and wholesale and retail trade services have all suffered contractions. Border closures and lockdowns abroad have adversely affected the usually thriving tourism sector as virtually no tourists arrived in the last quarter. There has been a significant rise in COVID-19 cases from mid-August resulting in more restrictive measures being implemented. The Government has implemented a second supplementary budget to assist with the projected expenses to meet the continuing COVID-19 needs. The closure of the Alpart alumina refinery was another set- back for the economy. However, despite these challenges the IMF projects the economy will contract by 6% in 2020, before growing 3.3% in 2021. How will the Government and the private sector manoeuvre the growth path ahead?

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