The Economic Programme Oversight Committee, EPOC is projecting a 10.7 percent decline in the country’s GDP because of a reduction in visitor arrivals.
EPOC Chairman Keith Duncan says the impact of the ongoing Covid-19 pandemic is further slowing down the country’s recovery.
But He added that Jamaica’s economy has seen a silver lining in the grey cloud.
Speaking at the EPOC quarterly media briefing last Friday, Chairman Keith Duncan revealed that the Government has a massive fiscal deficit of 70 billion dollars.
EPOC is projected that the country’s economic growth this year has been revised from 7 point 9 percent to 11 point 6 percent.
Mr. Duncan said a decline in visitor arrivals will slow down the country’s economic recovery.
But the chairman noted that all has not been lost.
He explained that agriculture and construction has kept the economy afloat.
Mr. Duncan elaborated that for the first six months of the first quarter, economic activities grew.
Meanwhile, the EPOC Chairman said the the country has done well with non-borrowed reserves.