IMF Concluding Statement of the Jamaica Article IV 2018 mission.

Some of the main preliminary findings are:

  • Employment is at historic highs, inflation and the current account deficit are modest, international reserves are at a comfortable level and borrowing costs are at historical lows;
  • Economic growth averages only 0.9% since the reform started in 2013. The main obstacles to growth are crime, bureaucracy, insufficient labor skills, poor access to finance and vulnerability to natural disasters.
  • Reducing the government wage bill is critical to fund the necessary infrastructural investments and to build resilience;
  • Creation of an enabling environment for the private sector will help foster inclusive growth;
  • Formal inflation targeting regime: Upcoming revisions to the Bank of Jamaica Act which includes a clear mandate for price stability, strong governance and a strong central bank balance sheet will help formalize this framework;

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The Caribbean Association of Banks, Inc. is the representative body and recognized voice for banks and other financial institutions in the Caribbean. We seek to influence policies and legislation which impact the sector by advocating on our members’ behalf and participating in the global network of similar institutions.

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