Jamaica: 2021 Article IV Consultation-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Jamaica

IMF Staff Country Reports, February 15, 2022

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Bibliographic details

• Published: February 15, 2022
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9798400203374.002

Economic impact of the pandemic

• Real GDP shrank by 10 percent.
• An early lockdown in the Spring of 2020 helped contain the number of Covid-19 cases but the impact on the economy was severe.
• Subjects noted: COVID-19, Expenditure, Fiscal policy, Fiscal responsibility law, Health, Inflation, International organization, Monetary policy, Prices, Public debt.
• Keywords noted: Caribbean, COVID-19, CPI index, decline in inflation, Europe, Fiscal responsibility law, Global, Inflation, inflation expectation, inflation in December, tourism stopover visitor.

Government and central bank policy response

• The government temporarily reduced the fiscal balance target from +0.7 to -3 percent of GDP.
• The government increased spending on health and social protection.
• The government reduced the VAT rate.
• The central bank injected liquidity and encouraged loan moratoria to provide temporary support to the private sector.

Growth outlook and risks

• Growth is expected to rebound to 4.7 percent in 2021 and 4.3 percent in 2022.
• Downside risks to the outlook are significant, notably from Covid-19.

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