Friday, October 09, 2015

LIMA, Peru — Christrine Lagarde Managing Director of the IMF and Gerry Rice (right), Director of the IMF Communications Department, arrive to a press briefing yesterday, during the day’s activities of the Annual Meetings of the World Bank Group. (PHOTO: AFP)

The International Monetary Fund (IMF) revised downward its growth projection for Jamaica up to 2016, according to the World Economic Outlook (WEO) released this week.

The IMF noted in its quarterly World Economic Outlook (WEO) that the island should grow at 1.1 per cent in 2015 down from 1.7 per cent projected in the previous report. The island should also grow at 2.1 per cent in 2016 down from 2.2 per cent in the previous report.

Despite the downward revision, the island actually beat the regional average growth for Latin America and the Caribbean region (LAC), according to fresh data from the island’s multilateral lender, the International Monetary Fund (IMF).

It is rare, at least in recent years, for the island to beat the region. Commodity prices led by energy and grains are no longer supporting the growth in Brazil, Venezula, Argentina and Mexico. As a result their growth is weak, but it also allows commodity importers like Jamaica a chance to grow.

The LAC regiion is set to grow at negative 0.3 per cent and 0.8 per cent in 2015 and 2016 respectively.

Panama will continue growing at the fastest pace in the Americas at 6.0 per cent and 6.3 per cent in 2015 and 2016 respectively.

http://www.jamaicaobserver.com/business/Less-growth-for-Jamaica—IMF_19232689