Economist Keenan Falconer is confident the economy will recover quickly, following the recent contraction.
He’s reacting to news that the economy declined by 3.5 percent for the July to September quarter of 2024.
Mr. Falconer says the government must do more in terms of capital development to stimulate economic activity.
Chevon Campbell tells us more.
The economy contracted by 3.5 percent for the third quarter of 2024, mostly driven by the impact of Hurricane Beryl.
However, even before the passage of the storm, the economy showed signs of slowing.
Economist Keenan Falconer says while slightly higher than expected, the contraction is not a surprise.
He’s urging the government to focus on capital projects for its upcoming budget in March.
Mr. Falconer says this will help stimulate economic activity in tandem with the recent monetary decisions taken by the Bank of Jamaica.
However, the Economist believes the country will bounce back relatively quickly from the recent shock.
He says this is a testament to the earned resilience in the Jamaican economy.
Meanwhile, Mr. Falconer believes it’s imperative the government does more to incentivize the private sector in order to achieve meaningful growth.
He says the Prime Minister’s recently announced ASPIRE Initiative is a step in the right direction.
Keenan Falconer, Economist.
According to Prime Minister Holness, ASPIRE is a comprehensive strategy aimed at transitioning Jamaica towards robust and inclusive economic growth.
English (US) ·