IMF projects Jamaica’s economy will grow by 2.2% this year

The International Monetary Fund (IMF) is projecting growth of 2.2%, for Jamaica’s economy, this year.


The projection is approximately half a percentage point, more than the 1.6% cumulative growth, expected for the Caribbean region in 2023.


It was published in the IMF’s World Economic Outlook report, today, and comes amidst an overall slowdown, in medium-term growth, forecasts globally.


The IMF notes, that five-year growth forecasts declined steadily, from 4.6% in 2011, to 3% in 2023.


This is largely due to the impacts of the COVID-19 pandemic, Russia’s invasion of Ukraine, and other economic shocks.


According to the IMF, while Jamaica will continue to grow next year, that growth is expected to be only 2% – that is 0.2% less than this year’s figure.


Jamaica’s economic growth is expected to slow further in 5 years, with a figure of 1.6% being predicted for 2028.


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