Jamaica records economic growth of 1.9% for the first quarter of 2024

The Planning Institute Of Jamaica (PIOJ) is reporting economic growth of 1.9 % for the first quarter of this year.

Senior Director of the Economic Planning and Research Division, James Stewart, made the disclosure during today’s quarterly press briefing.

Mr. Stewart noted that this marks 12 consecutive quarters of growth for the country.

He attributed the growth to the sustained expansion in the economies of Jamaica’s primary trading partners and increased levels of business and consumer confidence, among other factors.

Mr. Stewart added that the economy is expected to maintain a positive growth trajectory for the next quarter.

Meanwhile, Director of Modeling and Research at the PIOJ, Hugh Morris, says Jamaica must address productivity gaps in the country, if it is to record more significant growth.

He was responding to the question of why the country seems unable to surpass the 1 to 2% range of economic output, despite maintaining this level for 12 consecutive quarters.

In response, Mr. Morris noted that the island’s productivity level has not yet reached the necessary scale to propel further growth.

He cited initiatives such as HEART/NSTA’s provision of free training up to level 4, aimed at enhancing the capacity of the labour force, and addressing this issue.

Mr. Morris also noted the need to diversify the economy by introducing more products and services.


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