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.