jamaica economic outlook 2020

Read the UK Economic Outlook November 2020 report. The COVID-19 crisis is having a significant impact on Jamaica. GDP-11.2% 2020 7.2% 2021 4.9% 2022 Inflation vs interest rate (end-of-year) 0.9% 0.1% 2020 1.4% 0% 2021 1.9% 0.25% 2022 Unemployment rate. The RFI provides rapid financing to IMF member countries with balance of payment needs but without the requirement of having a full-fledged IMF programme, ongoing reviews, and conditionalities. However, despite remaining popular, Mr Holness will face severe fiscal challenges in 2021. Are you sure you want to send the dataset for verification? The IMF uses SDRs as a weighting of five key currencies that are similar in value to the US dollar. The pandemic, which is severely hurting tourism and remittances, reached the Caribbean country just a few months after the successful conclusion of its economic reform program—which was supported by a $1.66 billion Stand-By Arrangement from the IMF. Summary. Thailand's economic outlook would be substantially affected by a surge in coronavirus cases, minutes of the central bank's last policy meeting showed on … The new release date will be on Wednesday, January 6, 2021. Planning Institute of Jamaica 16 Oxford Road Kingston 5 Jamaica, West Indies. Available indicators point to a robust rebound in activity in Q3, after Q2’s historic collapse amid strict lockdown measures. A successful consideration of the island’s application would result in the 17th arrangement with the fund since Jamaica became a member, according to IMF data. “All quantitative performance criteria and structural benchmarks for end-December 2017 were met. Last Updated: Apr 13, 2020 Projects financed by the World Bank Group have achieved important results in … Planning Institute of Jamaica 16 Oxford Road Kingston 5 Jamaica, West Indies. The economy likely remained in the doldrums in Q3 amid the fallout from the global pandemic, after contracting sharply in Q2. The pandemic, which is severely hurting tourism and remittances, reached the Caribbean country just a few months after the successful conclusion of its economic reform program—which was supported by a $1.66 billion Stand-By Arrangement from the … Jamaica economic growth for 2019 was $16.46B, a 4.74% increase from 2018. World Economic Outlook report on April 14 that global gross domestic product will decline 3% this year. One reason for the rally’s continuation is the Federal Reserve, which had previously reduced its target interest rate to zero and reintroduced its Quantitative Easing bond buying program, indicating it would do whatever it takes for as long as it takes. Data Source: World Bank Data cited at: World Economic Outlook, October 2020, The International Monetary Fund. The COVID-19 pandemic will cast a long shadow and raises uncertainty over the world’s economies. On April 15, 2020, Fitch affirmed NCBJ's Long-Term Issuer Default Rating (IDR) at 'B+' and revised the Rating Outlook to Negative from Positive following the revision of Jamaica's Rating Outlook to Stable from Positive on April 10, 2020. The World Economic Outlook (WEO) database contains selected macroeconomic data series from the statistical appendix of the World Economic Outlook report, which presents the IMF staff's analysis and projections of economic developments at the global level, in major country groups and in many individual countries. To be kept up to date with our short regular updates, please sign up to Economic Insights through the preference centre. Clarke is expecting to have the cash, a maximum of US$500 million, in Jamaica’s hands by mid-May. The Minister of Finance and Planning, Dr. Nigel Clarke, tabled in the Parliament in mid-May the first supplementary budget just two and a half months after tabling the Budget for FY 2020/21. Mass Closure of US Bank Branches | Driven by Fintech? That baseline scenario assumed that the pandemic fades in the second half of 2020 … International Monetary Fund. The existing Stand By Agreement requires Jamaica to produce an annual primary surplus of 7%, in an attempt to reduce its debt burden below 60% by 2025. The description is composed by our digital data assistant. After implementing stimulus to deal with the recession and health crisis in 2020, ending three consecutive years of fiscal discipline, the government will gradually resume austerity measures in 2021. You can change your personal cookie settings through your internet browser settings. Jamaica economic growth for 2017 was $14.81B, a 5.19% increase from 2016. October 27, 2020. World and regional statistics, national data, maps and rankings, Discover new signals and insights from leading alternative and fundamental data providers, Latest releases of new datasets and data updates from different sources around the world. The Intelligence “The economic outlook is really very bleak at the moment”—Jamaica’s election and a troubled region. OECD Economic outlook Interim Report September 2020 This Interim Report provides updates for G20 country projections made in the June 2020 issue of OECD Economic Outlook (Number 107). The revision reflects better-thananticipated second quarter GDP outturns, mostly in advanced economies, where activity began to improve sooner than expected after lockdowns were scaled backin May and June, as well as indicators of a stronger recovery in the third quarter. The International Monetary Fund (IMF) projects the Jamaican economy to contract by 5.6 per cent in 2020 from its previous growth forecast of 1.0 per cent, arising from what the lending agency described as the ‘Great Lockdown’. Download Historical Data Save as Image. In 2020, a new Country Partnership Strategy will be completed to ensure that the goals of the Government of Jamaica and those of the World Bank Group remain well aligned. Tel: (876) 960-9339 Fax: (867) 906-5011 Email: info@pioj.gov.jm Jamaica economic growth for 2016 was $14.08B, a … Clarke last month said that IMF funding was not on the cards but has changed his tune as Jamaica's COVID-19-related economic fallout has worsened. May 28, 2020. Economic growth reached 1.6% in 2016, but declined to 0.9% in 2017 after intense rainfall, demonstrating the vulnerability of the economy to weather-related events. Economic history. Before independence, Jamaica's economy was largely focused on agriculture with the vast majority of the labour force engaged in the production of sugar, bananas, and tobacco. Rapid economic growth, however, eluded the island, but at the conclusion of the last lending arrangement, the IMF described Jamaica as being “on a path to higher economic growth”. 2) The rank that you see is the CIA reported rank, which may have the following issues: Economy | November 17th 2020 Strong storms delay Jamaica's economic recovery The heavy rains and floods hit industrial and farming activity, which will depress consumer and investor sentiment. The Caribbean economy is anticipated to contract by 1.8% in 2020, and by 3.1% excluding Guyana. On April 15, 2020, Fitch affirmed NCBJ's Long-Term Issuer Default Rating (IDR) at 'B+' and revised the Rating Outlook to Negative from Positive following the revision of Jamaica's Rating Outlook to Stable from Positive on April 10, 2020. The Ministry of Finance & Public Service has overall responsibility for developing the Government’s fiscal and economic policy framework; collecting and allocating public revenues and playing an important role in the socio-economic development of the country in creating a society in which each citizen has every prospect of a better quality of life. November 7, 2019. Jamaica intends to enter into a lending arrangement with the International Monetary Fund (IMF) as it admits that the Government will make significant adjustments to the 2021 Budget arising from the economic fallout from the COVID-19 pandemic. Clarke, on March 27, had told The Gleaner that re-engagement with the multilateral was not on the cards at that time. Italy Economic Outlook. The economy of Jamaica shrank 10.7% year-on-year in the third quarter of 2020, following an 18.4% drop in the previous period. 4.7% 2020 7.3% 2021 By Kiana Wilburg. Jamaica The Jamaican economy posted growth rates of 1.5% in the first quarter of 2019 and 1.0% in the second, and projections are for 1.7% for 2019 overall and 1.6 % in 2020. Tel: (876) 960-9339 Fax: (867) 906-5011 Email: info@pioj.gov.jm Jamaica. STATIN apologizes for any inconvenience caused. Jamaica Ramps Up Social and Economic Support in COVID-19 Response. Economic news, indicators and forecasts for more than 127 countries. Planning Institute of Jamaica 16 Oxford Road Kingston 5 Jamaica, West Indies. The IMF projections of negative 5.6 per cent in 2020 will follow a forecast of growth of 3.5 per cent in 2021, according to IMF tables within its World Economic Outlook released on Tuesday. Jamaica economic growth for 2018 was $15.71B, a 6.13% increase from 2017. That baseline scenario assumed that the pandemic fades in the second half of 2020 … World Economic Outlook, ... Simulations indicate that debt to GDP will still be 5 percent lower in 2020 ... growth has become the weakest link in Jamaica’s economic framework. Jamaica - Unemployment rate (Percent of total labor force) World Data Atlas. Near-term outlook. Due to the high level of uncertainty in current global economic conditions, the April 2020 WEO database and statistical tables contain only these indicators: real GDP growth, consumer price index, current account balance, unemployment, per capita GDP growth, and fiscal balance. Planning Institute of Jamaica 16 Oxford Road Kingston 5 Jamaica, West Indies. Since the start of the EFF, growth assumptions had to be … The information about original data source is available only to Professional users. “All quantitative performance criteria and structural benchmarks for end-December 2017 were met. The OECD Economic Outlook is the OECD's twice-yearly analysis of the major economic trends and prospects for the next two years. The Jamaican economy is expected to grow by 1.8 per cent in 2019. Jamaica, however, has made steady progress in reducing its debt-to-GDP ratio from a high of almost 150% in 2012 to about 115% in 2017, in close collaboration with the International Monetary Fund. The projected figures are an improvement over the past three years as the World Economic Outlook report shows growth in Jamaica was 1.5 per cent in 2016, 0.7 per cent in 2017 and 1.4 per cent in 2018. Many jobs are affected, and a recent high frequency phone survey in one of the Caribbean small states suggests that poverty headcounts are rising, though the magnitude and duration of this increase will depend on the pace of economic recovery. Global growth is projected at −4.4 percent in 2020, a less severe contraction than forecast in the June 2020 World Economic Outlook (WEO) Update. Jamaica. Tel: (876) 960-9339 Fax: (867) 906-5011 Email: info@pioj.gov.jm World Economic Outlook, International Monetary Fund. Economic history. Leverage our AI Workflow Tools and online data environment to manipulate, visualize, present, and export data. The Statistical Institute of Jamaica (STATIN), wishes to advise that the January-September 2020 International Merchandise Trade Bulletin will NOT be released on Wednesday, December 23, 2020 as indicated on the Advance Release Calendar. They were placed on your computer when you launched this website. Jamaica. This will weigh on the recovery in 2021-22. Okay to continue Global passenger traffic will grow 2.6% annually with China and Latin America leading the increase. The country’s strong ownership, as well as the government’s steadfast reform implementation have resulted in a stronger economy, an all-time low unemployment rate, and a … Many jobs are affected, and a recent high frequency phone survey in one of the Caribbean small states suggests that poverty headcounts are rising, though the magnitude and duration of this increase will depend on the pace of economic recovery. The last Article IV Executive Board Consultation was on June 17, 2016. “On behalf of the Government of Jamaica, I hereby request access to the Rapid Financing Instrument within the increased access limits announced by the IMF last Monday, April 6,” Minister of Finance Dr Nigel Clarke said in a letter to IMF Managing Director Kristalina Georgieva. The reaching out to the IMF is evidence of how quickly the COVID pandemic has turned the screws on the Jamaican economy. The WEO is released in April and September/October each year. Since the start of the EFF, growth assumptions had to be revised downward several times. This page has economic forecasts for Jamaica including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Jamaica economy. According to the IMF's recent Article 4, Jamaica's current economic recovery is being driven by mining, construction and agriculture. The Economic Reform Programme (ERP) is the Government of Jamaica's strategic plan of action to generate sustained economic growth and long-term development of Jamaica. The COVID-19 crisis is having a significant impact on Jamaica. Sources. The International Monetary Fund (IMF) has given high marks for Jamaica’s performance under the Stand-By Arrangement (SBA), saying programme implementation remains strong, with public debt firmly on a downward trajectory. Jamaica economic growth for 2017 was $14.81B, a 5.19% increase from 2016. IMF: World Economic Outlook (WEO), April 2020. Inflation in Jamaica dropped to about 3.91 percent in 2019, meaning that a group of goods that cost 100 Jamaican dollars in 2019 would cost 103.91 Jamaican dollars in 2020. Jamaica: On the Path to Higher Economic Growth. The Jamaican operating environment remains the principal constraint on NCBJ's ratings. 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