4.2% Growth Projected Over Medium-Term

The Jamaican economy is expected to grow by at least 4.2 per cent over the medium-term.

For the current financial year, growth is projected at one percent and increase to 1.3 per cent for 2013/2014, and 1.9 per cent for 2014/2015.

Finance and Planning Minister, Hon. Dr. Peter Phillips, in presenting the medium-term growth prospects as he opened the 2012/13 Budget Debate in the House of Representatives on Thursday (May 24), said the forecast “only incorporates organic growth and known investment projects, which are conservative projections, which we expect to surpass."

He emphasised that while the macroeconomic and fiscal reforms will strengthen stability, sustained growth and prosperity will only be achieved by the “creative pursuit of strategies to attract investment and improve competitiveness."

By Allan Brooks, JIS Senior Reporter