Jamaican Economy Expanding Despite External Shocks

In a recent statement to the media, Dr. Nigel Clarke, Jamaica’s Minister of Finance said the economy is becoming more resilient in the third quarter of 2019 despite the external shocks.

The Minister also revealed that there was a modest expansion of the economy and Statin also reported that in the June – September quarter of 2019 the economy grew by 0.6 % more than the growth experienced in that same quarter in 2018.

Minister Clarke said, “despite the closure of JISCO/Alpart in 2019, modest economic expansion continues. This was expected to hit the economy, but the expansion continued because of the resilience that has been seen in the Jamaican economy.

Dr. Clarke also said, “Growth in Latin America and the Caribbean for 2019 was forecasted by the IMF to average only 0 – point-2-percent and the international context is important in the assessment of growth patterns in Jamaica.”   

He also mentioned the US-China trade problems and lower Global growth and its impact on prices. The price for Alumina, Iron, Soybeans and copper has decreased.

“Jamaica’s economic growth average was ahead of the rest of the Caribbean and Latin America in 2019”. He said.

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