The Jamaican economy could grow by 3 to 8 % in the 2021 to 2022 financial year, following contractions in the 2020 – 2021 financial year.
The Finance Minister Dr. Nigel Clarke revealed, that the construction industry grew by 7% even though the Government’s contribution to the sector was quite muted, as the capital budget was cut, so the projections are not too optimistic.
The slowdown in the economy in 2020 was not caused by any structural deficiencies in the handling of the economy, it is just caused by Covid-19, as it caused the people to be unable to go about their businesses the Minister explained.
The Minister is not disclosing the facts about what will happen for new taxes in the upcoming financial year.
However, “We will have a growth in revenue next year, no doubt”, he said. That will be a feature of the Government’s planning.
The Statistics Agencies locally and other financial institutions have agreed with the outlook.