Economy Performed “Remarkably Strong” During 2006/07- IMF

The International Monetary Fund (IMF) has said that the Jamaican economy has performed “remarkably strong” during the 2006/07 fiscal year and was on target to achieve its best growth performance in more than a decade.
As contained in the conclusion statement of the Jamaica 2007 article IV Consultation, which was tabled in the House of Representatives yesterday (March 6) by Minister of Finance and Planning, Dr. Omar Davies, “the economy has made a strong recovery from shocks encountered in 2004-05 and real economic growth of almost three per cent is expected in financial year 2006/07 up from two per cent the previous year and 0.4 per cent the year before”.
“This robust economic performance is being underpinned by the strength of the agricultural and tourism sectors. Production has expanded sharply across all agricultural categories and the sector as a whole is now projected to grow by 11 per cent this year,” said the report.
It added that the important tourism sector is expected to register double digit growth for the fiscal year, notwithstanding some weakening in January on account of unseasonably warm weather in North America.
The statement made reference to the fact that the Bank of Jamaica had successfully managed to lower inflation without constraining the economic recovery.
It added that “annual headline inflation is on track to fall about 6