Sat | Jul 4, 2020

PIOJ predicts economy to decline faster in June quarter

Published:Wednesday | May 27, 2020 | 2:53 PM

The Jamaican economy is projected to decline by 12 to 14 per cent for the April to June quarter, the Planning Institute of Jamaica (PIOJ)) said.

Director General Dr. Wayne Henry said, however, that there is upside potential and downside risks to this forecast.

The main downside risks to the forecast presented include slower than anticipated restart of economic activities in key industries due to supply side constraints.

Dr, Henry said the pace of economic growth could, however, be enhanced if there is stronger than anticipated global demand associated with an early rebound in global economic activities.

In addition, faster than anticipated recovery of key industries due to the effective channelling of domestic demand to sustain productive activities, especially in the agriculture, manufacturing and hotels and restaurants industries.