Jamaica: Fourth Review Under the Stand-By Arrangement, Request for Modification of Performance Criteria, and Monetary Policy Consultation Clause-Press Release; Staff Report; and Statement by the Executive Director for Jamaica

IMF Staff Country Reports, November 7, 2018

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Canonical URL: Jamaica: Fourth Review Under the Stand-By Arrangement, Request for Modification of Performance Criteria, and Monetary Policy Consultation Clause-Press Release; Staff Report; and Statement by the Executive Director for Jamaica

Stable macroeconomy amid ongoing reforms after nearly six years.
Key outcomes:
- Unemployment is at an almost 11-year low.
- Poverty is at a 9-year low.
- Inflation is low.
- Public debt is firmly on a downward trajectory.
- International reserves are at historically high levels.
Main challenge:
- Growth remains lackluster despite strong fundamentals.
- Private investment has not fully taken advantage of the opportunities presented by macroeconomic stability and strong fundamentals.
- Structural impediments need to be quickly addressed to foster capital formation.
- Sustained weak growth risks impeding reform momentum and could make achieving the government’s policy objectives more difficult.

Address structural impediments to foster capital formation and attract private investment.
Preserve reform momentum to avoid reversal of gains in unemployment, poverty, public debt, and reserves.
Ensure macroeconomic stability continues to support private-sector-led growth.