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World Bank maintains 2% GDP growth outlook for Jamaica in 2024

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William Maloney, World Bank's Chief Economist for Latin America and the Caribbean
By Javaughn Keyes
 
The World Bank has maintained its 2024 outlook for economic growth in Jamaica.
 
In its report on growth in Latin America and the Caribbean, Chief Economist for the region at the World Bank, William Maloney, said the multilateral agency expects gross domestic product (GDP) to increase over the next three years.
 
There was a 0.2 per cent upward revision for 2025 growth expectations. 
 
"For growth for 2024 we're looking at 2.0 per cent, for 2025 we're looking at 1.6 per cent and then for 2026 we're looking at 1.6 per cent," he disclosed. 
 
Mr. Maloney said there are a number of things going right for the country. 
 
"Jamaica continues to be incredibly impressive in their management of external debt. The consensus mechanism they developed - the EPOC (Economic Programme Oversight Committee) - several years ago, that brought the...major interest groups and economy together with the goal of managing the fiscal deficit and managing the debt levels, has worked extremely well and generated consistently declining overall debt levels which I think in the long term will lead to more dynamic growth and poverty reduction," he noted. 
 


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