The Planning Institute of Jamaica (PIOJ) said that in light of the novel coronavirus pandemic it has estimated a gross domestic product (GDP) projection of 0.1 per cent — down from the 0.6 per cent forecast previously held for this fiscal year.

Speaking on Wednesday at a quarterly briefing to review the country’s economic performance for the January-March period (which contracted by 1.7 per cent), Dr Wayne Henry, director general of the PIOJ said that the downturn across key sectors — brought on by the pandemic, will largely account for this.

“Going forward, quarterly economic contractions are anticipated, at least for the remainder of calendar year 2020, with a return to growth performance projected for the January to March quarter of 2021,” he said.

http://www.jamaicaobserver.com/business-report/pioj-reports-gdp-contraction-for-remainder-of-this-year-says-some-growth-may-return-by-first-quarter-of-next-year_195115