Economy & Business - March 2021

JAMAICA : Sets course for recovery

There have certainly been countries that have been hit harder than Jamaica by the effects of the coronavirus (Covid-19) pandemic, but for few can the blow have been so cruel. After its last Article IV Consultation, in April 2018, the International Monetary Fund (IMF) noted that Jamaica was performing exceptionally well under the terms of the economic reform programme that began in May 2013, which it described as “a turning point for Jamaica”. The IMF said: “With broad-based social and political support for reforms, the Jamaican government - over two administrations - has embarked on a path of fiscal discipline, monetary and financial sector reforms, and wide-ranging structural improvements to break a decades-long cycle of high debt and low growth.”  All that progress was unexpectedly, and cruelly, threatened by the effects of Covid-19, but the signs are that, once again, Jamaica is pulling together to deal with the crisis.

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