The Bank of Jamaica (BOJ) lowered its policy rate in August to 0.50%, as inflation is currently targeted to average 4.3% over the next two years – well within the 4.0-6.0% target. This is expected to stimulate economic activity through private sector credit growth. Credit to businesses and households expanded at a pace of 16.8% y/y in June 2019. The economy continues to grow below its potential, meaning there is room for faster growth without exceeding the inflation target.
BOJ expects average quarterly GDP growth at 1.0-2.0% y/y in the near-term, which is slower than the prior projection of 1.5-2.5% y/y. Unemployment will continue to improve with more jobs anticipated in the services and manufacturing sectors.
The unemployment rate fell by 2.0 p.p. y/y in April 2019 to 7.8% – a strong signal of progress compared to the high of 16.3% in April 2013. Net International Reserves declined slightly in August to USD2.9 billion, while remaining well in excess of the 12-week precautionary benchmark, at 21.8 weeks of import cover for goods and services
Outlook: The IMF expects growth at 1.7% in 2019, 1.9% in 2020, averaging 2.3% for 2021-2024.
See full Caribbean report here
J. Wray & Nephew Limited, a subsidiary of Campari Group, has expanded its premium spirits…
Based on media reports and calls from journalists, I understand that I am the subject…
Work to improve a critical section of the Mandela Highway through Central Village came to…
The voters of St. Ann North Eastern go to the polls today (September 30, 2024)…
Reprehensible, abominable, and repulsive! That’s how the Integrity Commission is describing a fake document circulating…
Detectives in St. James have charged 30-year-old Joseph McKenzie, also known as "Geo," with the…