BOJ Projects Rapid Economic Revival Following Recent Contractions

Governor of the Bank of Jamaica (BOJ), Richard Byles, addresses the central bank’s Quarterly Monetary Policy Report Press Conference on Monday (November 25), where he announced that the bank has reduced its policy interest rate to 6.25 per cent, effective November 22, 2024. (Rudranath Fraser/JIS)

The Bank of Jamaica, BOJ, is projecting a rapid rebound in the Jamaican economy following the recent contractions.

BOJ governor, Richard Byles, is forecasting between one to three percent growth for the island in the next Fiscal Year.

It’s estimated the economy declined by nearly three percent in the July to September quarter, with a further potential contraction for the Fiscal Year. This was primarily due to weather-related shocks.

Meanwhile, Mr. Byles noted that inflation has continued to trend down, staying firmly within the central bank’s target range of four to six percent.

However, he warns there’s some degree of uncertainty on the horizon.

This is due to potential changes in the political and economic policies of Jamaica’s main trading partner, the United States.

Richard Byles, governor of the Bank of Jamaica. He was speaking during a quarterly media briefing on Monday.