Jamaica expected to grow despite weak economic projections for Caribbean countries
The International Monetary Fund (IMF) is projecting that economic growth across the Caribbean this year will dip below last year’s pace.
The IMF is forecasting low economic activities for most countries across the region in 2014.
In its latest Regional Economic Outlook for the Western Hemisphere, the IMF has projected economic growth of 2.5 per cent for the region in 2014.
This is down from 2.75 per cent last year.
The Washington-based financial institution says construction activities in the Caribbean appear to have bottomed out while tourist arrivals and spending have continued to underperform in most countries.
However, it says tourism-dependent economies like Jamaica are expected to grow on average by 1.4 per cent this year.
The IMF says reducing high public debt levels remains a key challenge in much of the Caribbean along with efforts to address long-standing competitiveness problems, notably in tourism-dependent economies.
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