The International Monetary Fund (IMF) has made a slight downward revision to what is already expected to be weak growth in Jamaica this year.
In its World Economic Outlook, the IMF says it expects the Jamaican economy to grow at a rate of 0.4 percent this year, down from the previous forecast of 0.5 percent, made in April.
The downward revision comes as major economies, including China, will be recording slower growth than previously anticipated and in turn this will have an impact on commodity prices and exports.
However, Richard Byles, Chairman of the committee monitoring implementation of Jamaica's IMF deal, believes, even with those export markets shrinking, Jamaica can still find opportunities to export and grow.
“We have a share of that market , if we become more competitive, either because we are more productive or because the exchange rate is more favourable , then we can get a bigger share of that market, even if that market is not growing” Byles said at a press conference in Kingston on Tuesday.
Byles cautioned, however, that while Jamaica is on track to pass the second IMF test for the period which ended September 30, the shutdown of the U.S. Government could derail further progress, if this continues for a protracted period.
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