Jamaica’s economy is now expected to decline by as much as 10-per cent as a result of COVID-19.
That’s the updated projection from the Bank of Jamaica, BOJ.
BOJ Governor Richard Byles delivered the revised numbers at the Central Bank’s quarterly media briefing this morning.
Governor Byles says they now project that the economic fallout from COVID-19 will be worse than they originally thought.
He’s expecting the economy to contract by up to 10-per cent, significantly more than their previous projections.
The Central Bank Governor says between now and March, they expect weaker performance in transport, electricity, water, construction, hotels, and restaurants.
He says they expect it to take at least two years for the economy to return to pre-COVID levels.
Meanwhile, Finance Minister and JLP Campaign Spokesperson, Dr. Nigel Clarke, says his party’s manifesto has accounted for the projected 10 percent decline in the Jamaican economy due to the fallout from the COVID-19 pandemic.
Dr. Clarke noted that the JLP will attempt to maintain economic stability by boosting production activities.
He highlighted that it is essential to keep people employed.
Dr. Nigel Clarke, Minister of Finance