IMF revises growth projections

The International Monetary Fund (IMF),  has revised growth projections for Jamaica this year.

The IMF previously said the country would have grown by 1.3 percent, but now growth is projected at one percent.

In its Economic Outlook for 2014 released Tuesday, the IMF said the reason for the revised projection is the impact of  the recent dry spell on agricultural production, particularly fruits and vegetables.

However, the lending agency says based on the fact that these produce have a short turn around time, it has increased the growth forecast for next year.

It is expected that agricultural production will rebound as drought conditions dissipate.

 The previous projection was 1.7 percent but that has now been revised to two percent.

Meanwhile, the IMF says economic growth in Latin America and the Caribbean continued to slow early this year even as it predicted that regional growth will pick up to 2.2 per cent in 2015.

View the original article here

IMF revises growth projections

IMF revises growth projections

The International Monetary Fund (IMF),  has revised growth projections for Jamaica this year.

The IMF previously said the country would have grown by 1.3 percent, but now growth is projected at one percent.

In its Economic Outlook for 2014 released Tuesday, the IMF said the reason for the revised projection is the impact of  the recent dry spell on agricultural production, particularly fruits and vegetables.

However, the lending agency says based on the fact that these produce have a short turn around time, it has increased the growth forecast for next year.

It is expected that agricultural production will rebound as drought conditions dissipate.

 The previous projection was 1.7 percent but that has now been revised to two percent.

Meanwhile, the IMF says economic growth in Latin America and the Caribbean continued to slow early this year even as it predicted that regional growth will pick up to 2.2 per cent in 2015.

View the original article here

IMF revises growth projections

Hurricane Sandy disrupts Jamaica's growth projections

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.

View the original article here

Hurricane Sandy disrupts Jamaica"s growth projections