Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, says, subject to developments related to the coronavirus (COVID-19) pandemic, he expects job recovery to begin during fiscal year 2021/22.
Dr. Clarke said he was also optimistic of the recovery kick-starting as early as the April to June quarter.
“However, it will take several quarters, actually a few years, for that economic and job recovery to restore all we have lost from the pandemic,” Dr. Clarke said, as he closed the 2021/22 Budget Debate in the House of Representatives on Tuesday (March 23).
“What we desire, however, is that the recovery be steady, consistent, and that it happens in a few years rather than the decades-long time frame of our previous recoveries,” he added.
Meanwhile, Dr. Clarke said in targeting robust recovery, the Government is working to mobilise hundreds of billions of Jamaican dollars of international and domestic capital for investment locally, over the medium-term.
“This will fuel and sustain our economic recovery and we will recover stronger, faster and better,” he added.
Against this background, the Finance Minister said the Government is “deliberately and consciously” pursuing private sector-led economic recovery.
“While the Government will invest to the full extent of its capacity, we will reap far more investment… multiples of government investment… from the international and local private sector over the medium-term. This has the potential to transform Jamaica,” Dr. Clarke stated.