Sharp Contraction In Exports Will Produce Deep Recession In Jamaica

• Declining exports and private consumption will push Jamaica into a significant recession in 2020.
• Fitch Solutions has revised down its 2020 real GDP growth forecast to -5.1% y-o-y, from -2.6% previously, as the Covid-19 pandemic halts tourism activity and exacerbates the contraction in bauxite production.
• Risks remain to the downside as the global economic recovery could be derailed by a second wave of the coronavirus in H220.

(Source: Fitch)