Economy Could Shrink As A Result Of COVID-19

 

The Bank of Jamaica (BOJ) is projecting that the economy could shrink by as much as three percent over the next financial year as a result of effects of the Coronavirus.

Governor of the Central Bank Richard Byles says the Bank is making several moves to maintain the strength of the economy. He said inflation should remain in the band of four to six percent, moving toward the lower part of the band. This is although there could be some supply chain demand pressures and increased prices in the local food market. However those could be moderated by sharply lower prices for fuel.

In a conference call Thursday, Mr Byles indicated support for the deposit taking institutions that he said are sound.

 

Franklin McKnight

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