- The global spread of COVID-19 will weigh on tourism demand in the quarters ahead, delaying Jamaica’s economic recovery.
- High unemployment and ongoing public health restrictions will weaken private consumption, while reduced external demand will undermine exports.
- Fitch Solutions has revised down its 2020 real GDP forecast to -7.1% y-o-y, from -5.8% previously, following a late-August spike in COVID-19 cases in Jamaica that limited commercial activity. Growth for 2021 is forecasted to return at 1.1%.
(Source: Fitch Solutions)