BANK of Jamaica (BOJ) Governor Richard Byles says the economy is projected to contract by between seven and 10 per cent during the 2020-21 fiscal year as a result of the impact of the novel coronavirus.
Speaking at the central bank’s digital quarterly press briefing yesterday, the governor pointed out that this is a revision of the BOJ’s forecast range of four to seven per cent earlier this year.
He said, however, that partial economic recovery is expected to commence in the 2021-22 fiscal year, with anticipated growth of three to six per cent.
“Notwithstanding the expectations for growth, the Jamaican economy is not expected to return to pre-COVID-19 levels before 2022-23,” Byles added.
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