Jamaica’s labour market conditions, which have taken a hit from the novel coronavirus pandemic, will worsen over the next two years based on latest projections by the Bank of Jamaica (BOJ) supported by independent economic analysts.

Jamaica has made significant progress over the years by bringing the unemployment rate to the lowest on record, but fallout from the pandemic has wiped out all the gains made, to the extent that the latest projections suggest that the labour market conditions will worsen over the next eight quarters.

The BOJ’s recently published Quarterly Monetary Policy Report, which provided a mid-year health report on the Jamaican economy, indicated that the improvements will only come after two years, with the medium-term rebound in economic activity.

http://www.jamaicaobserver.com/business-observer/jamaica-s-labour-market-conditions-to-worsen-over-the-next-two-years-bank-of-jamaica-says-unemployment-rate-to-increase_202217