The Economic Programme Oversight Committee, EPOC, says the country’s economic growth projection for this year has been revised downwards from 11.6% to 7.9%.
According to EPOC Chairman, Keith Duncan, the government’s projection of $162.4 billion for tax revenues for the final quarter of this financial year will be difficult to meet.
Mr. Duncan says the country’s expenditure has exceeded its revenue tremendously.
Stevian Simmonds reports.
Speaking at the EPOC quarterly media briefing this afternoon, Chairman Keith Duncan revealed that the Government has a massive fiscal deficit of $70 billion.
Mr. Duncan says the country’s expenditure is $23.5 billion more than the last financial year.
He says the country’s economic growth has slowed tremendously.
Mr. Duncan notes that the initial projections for the final quarter of the financial year could prove difficult to achieve.
He explains that tighter curfews will only further delay the country’s economic recovery.
Although the pandemic has had a negative impact on the country’s economy, the EPOC Chairman says economic activity has improved in comparison to 2019.