IMF says JA rebounding from recession
INTERNATIONAL Monetary Fund (IMF) representative Gene Leon says Jamaica is rebounding from the global recession.
Speaking at the Jamaica Exporters’ Association (JEA) breakfast forum at the Jamaica Pegasus Hotel, New Kingston, today Leon cited the “upward trajectory” in growth, which Jamaica’s economy is currently showing.
He pointed to the economic growth, which has moved from -3 per cent to -1 per cent.
While noting the importance of Government’s US$1.27 billion standby agreement with the IMF, he attributed this growth to positive developments in several key sectors, including tourism, which has seen improvement; the bauxite industry, which is beginning to see signs of a resuscitation; and exports, where activities are “beginning to take shape … and pick up.”
He pointed to the inflation rate trending down, which he attributed to, among other things, an appreciation of the foreign exchange rate, adding that falling inflation in the global marketplace has also contributed to the reduction.
He added that Government is “doing a little better” in efforts to achieve a primary fiscal balance and that business confidence is a “little more positive”.
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