Warning: Undefined variable $size in /var/www/html/wp-includes/media.php on line 1768
October 12, 2023
The forecast of Jamaica’s growth for 2023 has been cut by the International Monetary Fund (IMF) as depicted in its ‘World Economic Outlook’ October 2023 publication. This resulted from the global long-term consequences of the pandemic, the war in Ukraine, and increasing geoeconomic fragmentation. Additionally, the effects of monetary policy tightening necessary to reduce inflation, withdrawal of fiscal support amid high debt, and extreme weather events.
IMF’s forecast for Jamaica for the current year is down to 2.0% from the 2.2% projected in April 2023. Consequently, the IMF expects the country’s economic growth to decline to 1.8% in 2024 from the 2.2% projected in April 2023.
Global growth is forecasted to slow to 2.9% in 2024 from an expected 3% this year. The forecast for next year is down marginally from the 3% it predicted in July of this year. The IMF expectation of 3% growth this year is down from 3.5% in 2022 but unchanged from its July projections.
The IMF highlighted, “Despite signs of economic resilience earlier this year and progress in reducing headline inflation, economic activity is still generally falling short of prepandemic (January 2020) projections, especially in emerging market and developing economies.”
Disclaimer:
Analyst Certification – The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer(s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view(s) expressed by that research analyst in this research report.
Company Disclosure – The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.
