PIOJ Predicts More growth for Fiscal Year 2022/23

The Planning Institute of Jamaica (PIOJ) on Wednesday, February 16, outlined the short-term prospects for the economy, which are generally positive. From January to March 2022, it is projected that the economy will grow within a range of 5 to 7 per cent, resulting in a fiscal year growth in the range of 7 to 9 per cent for the fiscal year 2022/23.

The main downside to the positive outlook continues to be the possibility of additional waves of COVID-19 infections, which may very well lead to the re-imposition of restrictions and a curtailment in demand and output.

According to the Director-General of the Planning Institute of Jamaica, PIOJ, Dr. Wayne Henry, the further easing of COVID-19 containment measures is expected to stimulate greater recovery and expand economic activities in most industries for the fiscal year 2022/2023. The forecast for the fiscal year is that the economy will grow within the range of 3 to 6 per cent which is on the lower end of the targeted growth range of 6 to 9 per cent.

Dr. Henry says that the economy is projected to achieve pre-covid-19 levels of output in the fiscal year 2023/24; while the pre-COVID-19 employment level is projected to be achieved in the Year 2022/23. More details in the report below: