Finance Minister Outlines Growth for Medium Term

Economic growth of 0.5 per cent is projected in the 2010/11 financial year and this is expected to increase to two per cent in each year from 2011/12 through 2013/14.
These projections were outlined by Minister of Finance and the Public Service, Hon. Audley Shaw, when he opened the 2010/11 Budget Debate in the House of Representatives on April 8.
He also informed that inflation is expected to moderate to the range of 7.5 per cent to 9.5 per cent in this fiscal year and trend downwards to the 6 to 7 per cent range over the medium term.
“Fiscal policy is aimed at eliminating the overall public sector deficit over the medium term and putting the debt to Gross Domestic Product (GDP) ratio on a downward trajectory,” Mr. Shaw said.
The Minister said that the current account deficit of the balance of payment is expected to improve markedly from a projected deficit of 9.5 per cent of GDP in this fiscal year to five per cent of GDP.
“Gross international reserves are expected to remain at around 16 weeks of imports of goods and services over the medium term,” Mr. Shaw said.