Prime Minister, Andrew Holness, says he’s confident growth will return to the economy.
His comment comes after it was revealed on Wednesday that the economy contracted in the first quarter of the 2017/2018 fiscal year.
Mr. Holness is also criticizing the Opposition for expressing ‘alarm’ over the contraction. He says he’s not worried.
Mr. Holness says he’s ‘certain’ the economy will start growing again. He made the declaration last evening while addressing the official opening of the expanded six-lane highway on Marcus Garvey Drive, in St. Andrew. He noted more roadworks will be done on major thoroughfares across the Corporate Area and western Jamaica.
He says Jamaica must aim big.
Prime Minister Holness explained why the contraction in the economy doesn’t faze him.
Mr. Holness further chided the Opposition for expressing alarm over the contraction.
On Wednesday, Acting Financial Secretary, Darlene Morrison, revealed that the economy contracted by 0.1-percent in the first quarter of the fiscal year; revising initial data that suggested there was 0.3-percent growth over the period.
Opposition members of the PAAC also suggested the government would fail to attain its ‘5-in-4’ growth target.
This, after Director General of the Planning Institute of Jamaica, Dr. Wayne Henry, said the PIOJ is projecting 2.5-percent growth by 2020.
This, down from its previous projection of 3.2-percent.