Friday, February 3, 2023
  • Contact Us
The Caribbean Post
Advertisement
  • Current News
    • Politics
    • Business
  • Tech News
  • Education
  • Entertainment
    • Travel
    • Lifestyle
  • Health
    • Recipes
  • World
    • Antigua
    • Aruba
    • Barbados
    • Barbuda
    • Dominica
    • Dominican Republic
    • Guadeloupe
    • Guyana
    • Haiti
    • Jamaica
    • St Lucia
    • Suriname
    • Tobago
    • Trinidad
No Result
View All Result
The Caribbean Post
  • Current News
    • Politics
    • Business
  • Tech News
  • Education
  • Entertainment
    • Travel
    • Lifestyle
  • Health
    • Recipes
  • World
    • Antigua
    • Aruba
    • Barbados
    • Barbuda
    • Dominica
    • Dominican Republic
    • Guadeloupe
    • Guyana
    • Haiti
    • Jamaica
    • St Lucia
    • Suriname
    • Tobago
    • Trinidad
No Result
View All Result
The Caribbean Post
No Result
View All Result
Home Business

Bank of Jamaica projects 2.5 – 4.5 percent growth for 2022/23

Staff by Staff
August 21, 2022
in Business
0
2
SHARES
12
VIEWS
Share on FacebookShare on Twitter

Bank of Jamaica Governor, Richard Byles, [Photo JIS]

KINGSTON, Jamaica, (JIS) – The Bank of Jamaica (BOJ) is projecting 2022/23 fiscal year growth to be within the range of 2.5 percent and 4.5 percent. Governor, Richard Byles, says growth is also expected to range between one and three percent for 2023/24, speaking at the BOJ’s digital quarterly media briefing on Friday, August 19.

You might also like

Outlook for the Barbados economy in 2023

Canada joins the Americas Partnership for Economic Prosperity 

Biden-Harris administration advances Americas partnership for economic prosperity

Noting that the economy continues to perform creditably, Byles cited signs of strong expansion in the April to June 2022 quarter, “and, so far, in the September 2022 quarter”.

The Governor said the labour market continues to perform exceptionally, noting that the April 2022 Labour Force Survey out-turns showed that the unemployment rate fell to a historic low of six percent.

Byles told journalists that the financial system remains resilient, pointing out that deposit-taking institutions’ (DTIs’) balance sheets have remained “adequately capitalised and in compliance with prudent liquidity standards”.

“The quality of the DTIs’ loan portfolio remained stable with a ratio of non-performing loans (NPLs) to gross loans marginally better than that recorded a year earlier,” he added.

Byles pointed out, however, that private-sector credit provided by DTIs has been growing but at a slower pace, reflecting the lagged effect of the pandemic and the effect of higher interest rates on credit demand, particularly from businesses.

He said the bank anticipates that growth will continue to be driven by the services industry, particularly tourism, “which has been recovering at a faster than anticipated pace”.

“There has also been some buoyancy in the agricultural sector, which is expected to continue as the tourism sector recovers and weather conditions remain favourable. The forecasted growth also reflects the recent resumption of production at the JAMALCO alumina plant,” he added.

The plant, which is based in Clarendon, was impacted by a fire in August 2021.

Byles said, however, that the risks to the growth forecast are skewed to the downside, suggesting the possibility of slower growth.

“Growth in tourist arrivals and related activities could be lower than projected, given strong headwinds to global growth from inflation, tighter financial conditions and geopolitical tensions. More severe weather in the context of climate change also poses a downside risk to GDP growth. Finally, there is a risk that domestic consumption could be adversely affected by the high, albeit falling, domestic inflation,” he stated.

Credit: Source link

Tags: BankgrowthJamaicapercentProjects
Previous Post

Guyana Amazon Warriors: CPL 2022 team guide

Next Post

Caribbean Creators: Addis Pablo | Loop Trinidad & Tobago

Staff

Staff

Related Posts

Business

Outlook for the Barbados economy in 2023

by Staff
February 3, 2023
Business

Canada joins the Americas Partnership for Economic Prosperity 

by Staff
February 1, 2023
Business

Biden-Harris administration advances Americas partnership for economic prosperity

by Staff
February 1, 2023
Business

Global economic uncertainty remains elevated, weighing on growth

by Staff
February 1, 2023
Business

Caribbean financial sector urged to be more involved in regional development, says president Ali

by Staff
February 1, 2023
Next Post

Caribbean Creators: Addis Pablo | Loop Trinidad & Tobago

Recommended

Bodies of missing Guyanese men recovered

September 21, 2022

Air France Boosts Its Caribbean Network With New Cayenne Flights

January 29, 2023

Categories

  • Business (471)
  • Current News (260)
  • Education (26)
  • Entertainment (77)
    • Lifestyle (23)
    • Travel (14)
  • Health (255)
    • Recipes (182)
  • Politics (32)
  • Tech News (64)
  • World (3,474)
    • Antigua (28)
    • Aruba (30)
    • Barbados (28)
    • Barbuda (28)
    • Dominica (29)
    • Dominican Republic (29)
    • Guadeloupe (537)
    • Guyana (880)
    • Haiti (28)
    • Jamaica (28)
    • St Lucia (27)
    • Suriname (28)
    • Tobago (884)
    • Trinidad (889)

Don't miss it

Business

Outlook for the Barbados economy in 2023

February 3, 2023
Lifestyle

Wedding Party Trends | La Concha Weddings San Juan

February 3, 2023
Recipes

Chicken Nachos – Immaculate Bites

February 3, 2023
Guyana

Letitia Wright receives honorary doctorate from UG, takes Guyana by storm – Caribbean Life

February 2, 2023
Health

African leaders commit to end AIDS among children by 2030

February 2, 2023
Trinidad

Ramharack, Joseph named in Windies women’s T20 World Cup squad

February 2, 2023
The Caribbean Post

This is an online news portal that aims to share latest news about Africa, Caribbean and other countries of Africa with respect to business, entertainment, breaking updates and stuff like that. Feel free to get in touch!

Categories

  • Business
  • Current News
  • Education
  • Entertainment
    • Lifestyle
    • Travel
  • Health
    • Recipes
  • Politics
  • Tech News
  • World
    • Antigua
    • Aruba
    • Barbados
    • Barbuda
    • Dominica
    • Dominican Republic
    • Guadeloupe
    • Guyana
    • Haiti
    • Jamaica
    • St Lucia
    • Suriname
    • Tobago
    • Trinidad

Browse by Tag

announces Barbados Bites Business Caribbean Caribe COVID COVID19 Cup Death development Dominica energy food France French gas global Government Guadeloupe Guyana Guyanas Guyanese Immaculate Jamaica Local man Minister National News oil Online police President Room Route Silicon team Tobago Tobagos trade Trinidad weather World year

Recent News

Outlook for the Barbados economy in 2023

February 3, 2023

Wedding Party Trends | La Concha Weddings San Juan

February 3, 2023

Chicken Nachos – Immaculate Bites

February 3, 2023

Letitia Wright receives honorary doctorate from UG, takes Guyana by storm – Caribbean Life

February 2, 2023

2022© Design by CodingBite | Powered by LuxamaMedia.

No Result
View All Result
  • Current News
    • Politics
    • Business
  • Tech News
  • Education
  • Entertainment
    • Travel
    • Lifestyle
  • Health
    • Recipes
  • World
    • Antigua
    • Aruba
    • Barbados
    • Barbuda
    • Dominica
    • Dominican Republic
    • Guadeloupe
    • Guyana
    • Haiti
    • Jamaica
    • St Lucia
    • Suriname
    • Tobago
    • Trinidad

2022© Design by CodingBite | Powered by LuxamaMedia.