JIS News

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  • Planning Institute of Jamaica (PIOJ) Director General, Colin Bullock, says the short-term prospects for the Jamaican economy are positive.
  • The bright outlook, he says, is based on the strengthening of productive activities in most industries.
  • Mr. Bullock also cited hotel expansion/construction activities with at least two additional hotels expected to commence works during July to September; and construction and retrofitting of building space to facilitate the expansion of the Business Process Outsourcing (BPO) sub-sector.

Planning Institute of Jamaica (PIOJ) Director General, Colin Bullock, says the short-term prospects for the Jamaican economy are positive.

The bright outlook, he says, is based on the strengthening of productive activities in most industries.

The projects, which are expected to spur growth of between 1.0 per cent and 2.0 per cent for the July to September quarter, include the continuation of road works under the Major Infrastructure Development Programme (MIDP); and construction of phases 1 and 3 of the North-South leg of Highway 2000.

Mr. Bullock also cited hotel expansion/construction activities with at least two additional hotels expected to commence works during July to September; and construction and retrofitting of building space to facilitate the expansion of the Business Process Outsourcing (BPO) sub-sector.

Mr. Bullock, who was addressing the quarterly press briefing at the PIOJ’s Oxford Road offices in Kingston on Wednesday (August 26), said the positive projection is also influenced by the impact of reform initiatives to improve the business environment and spur small business expansion and development.

He said there is also “continued strengthening of confidence levels consequent on the anticipated successful completion of the ninth International Monetary Fund (IMF) quarterly review and increased stability in the macroeconomic environment.”

Mr. Bullock noted, however, that the primary risks identified are the impact of adverse weather conditions on domestic production (drought and hurricane conditions) as well as “the continued tight fiscal stance as the country continues to implement reforms to reduce the relatively large debt and stabilise the macro-environment”.