Officials are still confident that Jamaica’s economy is recovering from the aftermath of the COVID-19 pandemic, and the brewing war between Russia and Ukraine. The Economic Program Overview Committee (EPOC) analyzed the country’s monetary and fiscal performance and concluded the economy continues to show signs of returning to post-COVID levels.
Speaking at the Economic Programme Oversight Committee Quarterly Press Briefing, Chairman Keith Duncan said the Jamaican economy continues to show strong signs of recovery. However, risks to a sustained growth path are elevated. He notes, the reported labour shortages in selected sectors of the Jamaican economy pose the potential for future wage adjustments, which might result in a spiral of inflationary rates. However, Duncan says the country’s balance of payments is currently at sustainable levels and Jamaica’s international reserves will continue to support the stability in the foreign exchange market, which will minimize the impact of imported inflation. Adding that the Bank of Jamaica (BOJ) continues to monitor these affairs and is prepared to do whatever it takes to manage inflation. Watch the report below
Reporter: Nasika Alliman
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