Jamaica Will Recover Faster From COVID-19 Than for the 08/09 Global Recession

• Before the advent of COVID-19, following significant fiscal and economic reforms, the Jamaican economy was characterized by macroeconomic stability evidenced by a substantial reduction in the debt to GDP ratio, 19 consecutive quarters of economic growth and a record low unemployment rate of 7.2 per cent.
• The Covid-19 pandemic has negatively impacted Jamaica. Containment measures taken globally and locally, to slow the spread of the coronavirus brought economic activity to a halt and resulted in significant falls in economic output. The adverse impact of the pandemic included reduced inflows of foreign exchange, declines in government revenues, and an increase in unemployment.
• PIOJ anticipates that Real GDP will recover within two to four years, and Employment levels within one to three years. It is not anticipated that the economic recovery from COVID-19 will be as long as the recovery period following the global economic recession in 2008-2009, given the relative strength of the Jamaican economy and the stimulus packages implemented both locally and globally.
• From the Government of Jamaica’s preliminary review of the development targets under Vision 2030 Jamaica– National Development Plan, it is anticipated that based on projections for the Jamaican and wider global society and economy, there will be slippages achieving the targets in several indicators.  Jamaica remains committed to pursuing the long-term goals, articulated in Vision 2030 Jamaica– the avenue through which the SDGS are implemented.

 (Source: PIOJ)