Finance Minister Dr. Nigel Clarke is boosting consumer confidence with the assurance that Jamaica’s economy is growing, after the International Monetary Fund’s (IMF) recent projection of economic growth of over 8 percent for this fiscal year.
The IMF is projecting growth of 8.4 percent in the financial year 2021/22, moderating to 3½ percent in the financial year 2022/23. After suffering an economic shock last year, Jamaica’s economic output declined by 11 percent; the Finance Minister believes the projection is good news for Jamaica.
The Statistical Institute of Jamaica (STATIN) reports that the total value added for the Jamaican economy increased by14.2 per cent in the second quarter of 2021 when compared to the similar quarter of 2020.
Reporter: Jhanielle Powell