Jamaica Not in a Recession – PIOJ

Director General of the Planning Institute of Jamaica, PIOJ, Dr. Wayne Henry, is rejecting claims that the country is in a recession.

Addressing a media briefing on Wednesday, Dr. Wayne Henry says despite recent economic contractions, the underlying fundamentals of the Jamaican economy remain strong.

Nora Gaye Banton tells us more.

The technical definition of a recession is two consecutive quarters of economic decline.

As of the fourth quarter of 2024, Jamaica has met that definition.

PIOJ Director General, Dr. Wayne Henry, acknowledged this reality.

However, he says one single metric is not enough to properly gauge a true recession.

Dr. Henry says a recession is usually accompanied with declines in other key indicators such as employment and overall fiscal health.

As of October, the country continues to enjoy record low unemployment of 3-point-5 percent.

All other indicators, such as business and consumer confidence, and inflation continue to trend in the right direction.

The PIOJ Director General says these statistics suggest the country is not in a recession.