BOJ Expects Growth Between 2.5% and 4.5% FY2022/23
- The Bank of Jamaica (BOJ) says the economy is still projected to grow in the range of 2.5 to 4.5 % for the fiscal year 2022/23. This is following an 8.2% outturn recorded in 2021/22, as indicated by the Governor, Richard Byles.
- There are currently signs, according to the BOJ Governor, that the economy has continued to expand for the September 2022 quarter, and the December 2022 quarter, to date. Among the positive indicators is the 6.6% unemployment rate recorded for July 2022, which was 1.9 percentage points lower than the outturn for the corresponding period last year.
- The Bank expects that growth will continue to be driven by the services industry, particularly tourism, which has been recovering at a rapid pace. There has also been some buoyancy in the agricultural sector, which is expected to continue as the tourism sector recovers and weather conditions improve.
- The forecast also reflects the recent resumption of production at the JAMALCO alumina plant in Halse Hall, Clarendon, which was closed for an extended period after being ravaged by fire in August 2021.
- Meanwhile, growth for the fiscal year 2023/24 is projected to moderate further as income growth among Jamaica’s main trading partners normalises to pre-COVID rates. The Governor cautioned, however, that risks to the forecast are skewed to the downside.
(Source: JIS News)