Though various global challenges continue to heighten global economic concerns, projections by the World Bank declares that Jamaica’s economic performance is expected to be higher than projected.
At a press briefing on Tuesday morning, William Meloney, Chief Economist of the World Bank for Latin America and the Caribbean revealed that there is a forecasted growth of 3.2% for the country, whereas, in April, there was a predicted growth for the region of 2.3%. He outlined that the reason for this is partly due to the increase in the rising commodity prices.
Additionally, Meloney stated that a higher global interest rate environment, slower growth in larger economies, and a fall in prices, are forcing the banks to lower projections for next year from 2.2% to 1.6% for the region.
He further noted that though inflation is a major concern, the median rate is projected to be at about 6%, while, there are no predictions on the possibility of Jamaica going into a recession at the moment.
Learn more from the video report by Television Jamaica (TVJ) below: