World Bank projects growth for Jamaica up to 2018
The World Bank is forecasting that the Jamaican economy will continue to strengthen through to 2018, despite projections that the Latin America and Caribbean region will contract.
In it’s just released June 2016 edition of the Global Economic Prospects, the World Bank projects that Jamaica will achieve 1.5 per cent growth this year.
It says there’s to be a further 2.2 per cent growth in 2017 and 2.6 per cent in 2018.
The growth projection comes at a time when the World Bank is forecasting that the Latin America and Caribbean region will contract by 1.3 percent in 2016 after a 0.7 percent decline in 2015.
But the World Bank says output in the Mexico, Central America sub-region and in the Caribbean is expected to grow at three per cent in 2017 and 2018 given their ties to the United States and strong exports.
In the meantime, the World Bank says while the Zika virus poses a substantial downside risk to tourism, the sector is expected to continue to expand and support growth.