The Economy and the Projection, a look at Inflation

A lot has been happening in the economy and the projection paints a positive outlook, but how does recent projection impact the average Jamaican? Minister of Finance and the Public Service, Dr. Nigel Clarke, joined the CVM Live Panel Discussion to explore the topic.

Responding to the Statistical Institute of Jamaica, (STATIN) report, the Finance Minister added that the report noted that 93,400 more Jamaicans were employed as compared to the previous corresponding period in July 2020; Dr. Clarke noted that this is encouraging news for citizens, who have been able to secure jobs that would have been lost in the COVID-19 pandemic.

As it relates to the issue of inflation, the Minister noted that Jamaica’s economy like all economies around the world have been affected by a global supply chain, noting that the pandemic has induce an economic convulsion which caused economic output to be impacted significantly, which meant the demand from consumers and other businesses went away in 2020 and is now starting to return in 2021, however the supply have not been restored.

He noted that challenges at the county’s ports; with ships, availability of containers which have led to inflationary pressures around the world. He added that these issues with the economy are affecting everyone and the projection is though these things that will pass, he notes that they will impact us for some time.