Jamaica’s economy should see increased investment within the medium-term resulting in growth north of 2.5 per cent, according to the Bank of Jamaica (BOJ).
“Jamaica’s growth prospects should be bolstered by continued improvements in external competitiveness as a result of the structural and macroeconomic reforms to be undertaken under the recently signed IMF Stand-By Arrangement (SBA),” said the Bank of Jamaica (BOJ) in its quarterly report on the economy.
This three-year precautionary SBA replaces the previous arrangement under the Extended Fund Facility (EFF) and serves to further strengthen the credibility of Jamaica’s economic reform agenda.
However, real output for FY2016/17 is forecast to be within the range of 1.0 per cent to 2.0 per cent, primarily influenced by expansions in Agriculture, Forestry & Fishing, Electricity & Water Supply, Manufacturing as well as Hotels & Restaurants. Over the next four quarters, growth in the real economy is anticipated within the range of 1.5 per cent to 2.5 per cent, based on increased investor confidence and increased investment activities. Over the near- to medium-term, growth is expected to strengthen against the background of higher foreign and domestic investments, recovery in key industries as well as improvements in domestic spending.
Now is a good time to invest in and trade with Jamaica!