Jamaica is on track to experience its worst GDP performance in 40-years due mainly to the impact of the COVID-19 pandemic.
That’s according to Director General of the Planning Institute of Jamaica, PIOJ, Dr. Wayne Henry.
He was speaking this morning during a digital media briefing.
The Director General says the fallout caused by COVID-19 will result in continual quarterly contractions until the first quarter of 2021.
With the world in a recession and key sectors of the Jamaican economy on a downward trajectory, Dr. Henry says things do not look optimistic for the rest of the fiscal year.
According to the Director-General, the economy is projected to contract by 1-point-7 percent for the first quarter of 2020.
This is followed by an even steeper contraction of up to 14-per cent in the second quarter when the country is at the peak of the COVID-19 outbreak.
According to Dr. Henry, the Hotel and Tourism sector contracted by a whopping 13- per cent for January to March.
Mining also declined by 37-per cent due to the continued shutdown of the Alpart Bauxite plant in St. Elizabeth.
However, the sectors of manufacturing and agriculture grew for the first quarter by 2-point-7 per cent and 7-point-8 per cent respectively.
Dr. Henry says the impact of COVID-19 will see the economy record its worst year since 1985.