In reporting that Jamaica has continued its strong performance in meeting fiscal criteria and structural benchmarks for end September 2017 under the Precautionary Stand-By Arrangement (PSBA), Keith Duncan on Friday backed statements by Prime Minister Andrew Holness of the country achieving growth target of five per cent in the next three years.

His confidence comes against the background of a downward revision in projections for growth of up to 3.0 per cent for the fiscal year 2017/2018 by the Planning Institute of Jamaica last week. Growth for the fiscal year is now estimated between 2.0 to 2.5 per cent, after the country produced growth of 0.9 per cent for the July to September quarter.

In fact, some of that growth came from diversions of cruise passenger arrivals from hurricane-ravaged Caribbean islands, which resulted in Jamaica recording an increase of 28.5 per cent in passenger arrivals for the quarter ending September 2017.

Growth for the quarter was expected to be driven by the resumption of productive activity at the Alpart alumina plant, but instead the sector recorded a contraction of 8.6 per cent.

“I believe Jamaica can do it; I believe if Jamaicans come on board and make the investments in our economy. I believe we have stability, we have the foundation; and the economy is building the momentum to achieve the 5 in 4 target, I believe it’s possible,” Duncan told media representatives during an update on the 3-year IMF Precautionary Stand-By Arrangement JMMB’s Haughton Avenue location.

He noted that while it is an “aspirational target” set by the Economic Growth Council, Jamaica must strive to achieve higher levels than the 2.5 per cent target set by the IMF.

More focus, he said, must be placed on what’s going right in the country and not on the wrongs, as well as increased effort into social intervention and crime fighting strategies.

http://www.jamaicaobserver.com/sunday-finance/epoc-backs-likelihood-of-5-in-3_117448