Jamaica’s economic growth projected to slow to 2% in 2024
Vanassa McKenzie / Our Today
International multilateral financier, The World Bank, is projecting that the Jamaican economy is set to slow down by the end of 2024, moving from the 2.3 per cent recorded last year to 2.0 per cent.
The economy is set to further slow to 1.4 per cent in 2025, according to the bank’s 2024 Global Economic Prospects report.
The Bank of Jamaica (BOJ), on the other hand, projects that the local economy will continue to expand. In its last Quarterly Monetary Policy Report, the central bank projects that real gross domestic product (GDP) will grow by 1.0 to 3.0 per cent for the 2023/24 financial year, and between 1.0 to 2.0 per cent over the medium term.
The World Bank is expecting the Caribbean economy to grow 7.4 per cent by the end of this year and 5.4 per cent in 2025.
“Excluding Guyana, which remains in a resource-based boom since the discovery of oil in 2015, the region’s growth is expected to accelerate to 4.1 per cent in 2024 and 3.9 per cent in 2025. However, prospects are uneven across the sub-region,” the World Bank said.
The multilateral bank says post-pandemic recovery of tourism in the subregion is incomplete and is expected to continue driving growth. Remittances into the Caribbean are also expected to continue increasing, albeit at a slower pace.
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