Participants in a newly formed think tank believe it could take three years for the Jamaican economy to return to pre-COVID-19 levels.
The Jamaican Economy Panel (JEP) has presented the results of its inaugural discussion which focused on the country's recovery from the pandemic.
While the panelists were positive about the government's response to the pandemic, they acknowledged that the economy has certain weaknesses, including the high level of debt, that have limited the government's policy options.
The Jamaican Economy Panel said the average respondent predicted that the local economy will not return to pre-pandemic level of GDP until 2024.
Many of the panelists were also doubtful that the economy would be able to significantly improve on its performance prior to the onset of the pandemic.
Most of the panelists supported increases in capital expenditures, investing in medium, small and micro-enterprises and infrastructure.
A majority also held the view that increases in social spending, such as PATH benefits, would help families live through the hardship.
Several panelists cautioned however that the fiscal challenges for Jamaica continued to be great and the national debt should not be allowed to get out of hand.
The Jamaican Economy Panel is a partnership between the United Nations Resident Coordinator's Office and the Department of Economics at The University of the West Indies, Mona. It brings together a select group of economic and public sector experts to address a monthly series of socioeconomic questions.
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