The PIOJ said it was not anticipating that the economic recovery from COVID-19 will be as long as the recovery period following the global economic recession in 2008-2009, given the relative strength of the Jamaican economy along with the stimulus packages implemented both locally and globally

The Planning Institute of Jamaica (PIOJ) is projecting that the local economy will recover within two to four years and employment within one to three years following the global economic fall-out from the COVID-19 pandemic.

The country’s chief planning agency, in its recent presentation to the United Nations (UN) High Level Political Forum on Sustainable Development, said the pandemic significantly affected the economy, despite the containment measures that were engaged to slow the spread of the virus.

“The coronavirus brought economic activity to a halt and resulted in significant falls in economic output. The adverse impact of the pandemic included reduced inflows of foreign exchange, declines in government revenues, and an increase in unemployment,” PIOJ stated in a news release on Wednesday.

The PIOJ said while it was expecting real gross domestic product (GDP) growth to resume within the next two to four years, it was also not anticipating that “the economic recovery from COVID-19 will be as long as the recovery period following the global economic recession in 2008-2009, given the relative strength of the Jamaican economy along with the stimulus packages implemented both locally and globally”.

http://www.jamaicaobserver.com/business-report-daily-biz/pioj-projects-gdp-will-recover-in-two-to-four-years_198158