The government remains resolute about achieving five percent economic growth in four years, targeted by the Economic Growth Council.
There were concerns about the target after the Planning Institute of Jamaica downgraded its growth forecast for last year to 1.3-percent. But Finance Minister Audley Shaw says the government is targeting two to three percent economic growth this fiscal year.
He says the economy grew by one point three percent last fiscal year.
And Minister Shaw is also outlining a number of new investments he’s confident will help the government reach its growth targets.
He says one of those projects is Transport Minister Mike Henry’s vision to establish a multi modal logistic system at Vernamfield in Clarendon.
Meanwhile, the Planning Institute of Jamaica, PIOJ, is forecasting that the floods in April and May will have implications for economic growth in the short term.
PIOJ Director General, Dr. Wayne Henry, made the comment as he addressed the Economy and Production Committee of Parliament yesterday.
He says the Institute is still collecting data on the impact of the flood.
But preliminary data from the National Water Commission, the Rural Agricultural Development Authority and the National Works Agency put losses and damage at three billion dollars.
Dr. Henry says the bauxite industry was also affected by the heavy rains. This, as the wet conditions affected bauxite processing into alumina.
On the other hand, Dr. Henry says the construction sector is set to see a boom as a result of the rains.