Mon | May 28, 2018

Is five-in-four target still achievable? Opposition asks PM

Published:Friday | October 6, 2017 | 12:29 PM

The Opposition People's National Party (PNP) is accusing the government of quietly adjusting its medium-term growth forecast for the economy and is now demanding that the prime minister state whether its five-in-four target is still achievable.

In a release this morning, Opposition spokesman on Finance and Planning, Senator Mark Golding, said the government has made a significant downward adjustment to its medium-term growth forecast after much hype about achieving five per cent Gross Domestic Product (GDP) growth in four years.

Golding says evidence of this adjustment can be seen when the growth targets in September 2017 Fiscal Policy Paper are compared with those set out in the September 2016 Fiscal Policy Paper.

The Opposition spokesman points out that the September 2016 Fiscal Policy Paper projected growth of 2.2 per cent in 2017/18, 3.3 per cent in 2018/19 and 3.2 per cent for 2019/2020.

However, he says the September 2017 Fiscal Policy Paper has slashed those projections to 1.7 per cent, 2.7 per cent and 2.3 per cent, respectively.

Golding says Prime Minister Andrew Holness must explain the figures to the country.