Minister of Finance and the Public Service, Dr. Nigel Clarke has argued that the prospects of Jamaica rebounding from the economic fallout because of the coronavirus (COVID-19) to record growth within the range of 3-8 percent, beginning the fiscal year 2021-22 are “very realistic”.
“As long as we can roll out our vaccine programme, beginning April 2021, and our markets to the north continue with their vaccine roll-out, I’m confident that the projections will absolutely be met,” said the Minister.
The Bank of Jamaica (BOJ) and International Monetary Fund (IMF) have also predicted an economic turnaround for the island.
“The biggest indicator of that [turnaround] is where we saw construction, in the middle of the pandemic, grow by seven per cent during the quarter ending September 2020,” stated Dr. Clarke.
He said it is important to note that the Government’s contribution to construction during the quarter was “quite muted” because “we would have cut our capital budget.”
Dr. Clarke pointed out that the nature of the decline in 2020, which was as much as 18 per cent during the April to June quarter “is not a result of any structural deficiencies in Jamaica, or elsewhere that we have imported,” but rather COVID-19.
Yvad Billings, Readers Bureau, Contributor
Edited by Jesus Chan
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