The Economic Programme Oversight Committee, EPOC, says it remains cautiously optimistic that the country will meet its macro economic and fiscal targets for the financial year.
However, EPOC Chairman, Keith Duncan, is warning that significant risks remain on the horizon due to rising Inflation and the war in Ukraine.
Nora Gaye Banton reports on the quarterly media briefing today of the committee.
Mr. Duncan has adopted a cautious tone as the country seeks to return to pre-pandemic growth.
However, the EPOC chairman says he’s hopeful that Jamaica will remain on track.
EPOC is reporting that all government targets have been met compared to what was previously budgeted up to February and outperformed pre-pandemic levels.
However, the country under performed compared to what had been put forward in the supplementary estimates.
Mr. Duncan says this is a sign the country is returning to growth but is not out of danger.
He’s also warning that a projected increase in GDP of 3.5 per cent that the budget is predicated on might not be met.
The EPOC chairman says this could have an impact on tax revenues.
However, he says this should not cause any long term concerns due to the already conservative estimates for tax intake put forward by the government.
