Jamaica Economic Outlook
May 19, 2020The economy got off to a soft start to the year due to domestic and foreign demand weakness. The tourism sector saw yet another drop in tourist arrivals in January. In the same month, exports plummeted at a double-digit rate for the eighth-consecutive month. Meanwhile, the Covid-19 pandemic and subsequent global lockdown will have weighed on tourism, trade and domestic activity towards the end of Q1 and into Q2. Meanwhile, the supplementary budget announced in mid-May envisages a larger fiscal shortfall due to cyclically shrinking revenues—forcing the government to implement spending cuts—and the IMF approved USD 520 million in emergency financial support.
Jamaica Economic GrowthThe economy is seen entering a steep recession this year due to the coronavirus crisis wreaking havoc on global trade and tourism. Economic activity will be further depressed by the closure of the Alpart alumina refinery weighing on exports. The panel sees the economy contracting 4.2% in 2020, which is down 0.5 percentage points from last month’s forecast, before growing 2.0% in 2021.
Jamaica Economy Data
5 years of Jamaica economic forecasts for more than 30 economic indicators.
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