The World Bank has commended Jamaica for its fiscal management and debt reduction.
According to a press report, the Chief Economist for Latin America and the Caribbean at the World Bank, William Maloney, said the country’s economic framework has done well to encourage resilience.
“Jamaica has done some superhuman lifting in terms of policy over the last ten years. Jamaica is really the only one that has made major reductions in its debt levels over the last ten years, and that is largely due to their EPOC (Economic Program Oversight Committee) system of involving many elements of civil society and ensuring transparency in the government’s program, how it’s managing the debt. My guess is that those skills will be useful for attacking other problems going forward,” he said.
He noted that the region, even though there are still challenges, post-COVID-19 recovery signs are positive.
“Our forecasts, as you might have noticed, have changed a little bit, but it’s worth highlighting that it’s been a fair amount of volatility largely arising from what’s happening in the advanced countries.”
The World Bank estimates that the region will see a two percent increase in GDP this year.
This reflects a 0.5 per cent upgrade in the outlook compared with earlier this year.
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Edited by Jesus Chan
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