“For the fiscal year ending March 2021, the Jamaica economy is projected to contract within a range of 4 – 6%.
“This, Director General of the Planning Institute of Jamaica says would be “the weakest economic performance in almost four decades.”
“This comes on the heels of a projected fallout of 12 – 14% for the economy in the April – June 2020 quarter, with the tourism sector expected to record the most severe contraction in that quarter.
“Foreign exchange inflows for Jamaica from tourism activity is projected to fall to US$995 million post-COVID, according to the country report on Jamaica released by the IMF, while remittances are expected to account for US$1.9 billion of inflows.
“COVID19 strictures including border closure, restricting on operating hours, remote-work measures and physical distancing protocols have all negatively impacted the key economic drivers of the economy says Henry. The remote work measures will be lifted on June 1, with the US Embassy in Kingston announcing that commercial flight activity will resume from June 2 through June 8 with daily flights (in the main) to all major designations. (JG) (US)
Extract from CARICOM Business, Vol. 3 No. 22, as at May 29 2020
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Caricom Business May 29 2020-vol-3_No-22
