The International Monetary Fund (IMF) has declared that the model currently being used to predict Jamaica’s economic growth has not been giving accurate outcomes.
The Fund, in its latest report on Jamaica, said the problem had arisen largely because of the effects of Hurricane Sandy. The Hurricane, which hit Jamaica in October 2012, led to major economic disruptions, particularly in agriculture and mining.
The multi-lateral agency revealed that the economic growth indicator over projected growth in the aftermath of the hurricane and under projected the rebound which occurred at the end of last year.
It said the model had predicted zero per cent growth for the end of December, but the actual out turn was 1.8 per cent.
It suggested that there may be a number of reasons for the failure to accurately predict growth, including the implementation of the IMF programme and the ongoing depreciation of the currency.
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Hurricane Sandy disrupts Jamaica"s growth projections
