Economic Outlook Positive


Chief Technical Director in the Ministry of Information and Development, Dennis Morrison has said that the economic outlook is positive, with Net International Reserves (NIR) at US$2.3 billion and a 6.6 per cent inflation rate for the month of March.
“There was significant growth in the NIR,” he said, noting that the inflation rate “compares very, very well with our neighbours in the Caribbean and indeed with many developed countries including the United Kingdom (UK).”
Mr. Morrison, who was speaking in London on the weekend at the final of three Jamaica National Building Society (JNBS)-sponsored seminars in the UK, informed that the economy grew by 2.5 per cent last year, but expressed concern about the country’s high debt.
He noted however that Jamaica remained a favourable place for investment and was ranked high internationally as a business destination.
Mr. Morrison, who is also Chairman of the Jamaica Tourist Board, said that tourism has been identified as a lead sector for economic development because of the impact on generating production and employment across a wide cross section of the economy, including agriculture and furniture manufacturing. He outlined that current and planned expansion in the sector will result in some 14,000 new hotel rooms being built over a five-year period.
He also mentioned other developments including the major highway and road building projects, and the expansion of the bauxite/alumina sectors.
Jamaican High Commissioner to the UK, Burchell Whiteman who also spoke at the seminar, commended JNBS for hosting the series of public meetings in Manchester, Birmingham and London and expressed pleasure at the number of young people in attendance.

JIS Social