World Bank Economic Growth to Slow in Jamaica in 2025

Jamaica’s economy is projected to grow by 2 per cent this year, with overall growth expected to slow in 2025. That’s according to the latest World Economic Outlook published by the World Bank.

The report is projecting that average growth in the Caribbean will accelerate to 7.1 per cent in 2024 and remain robust at 5.7 per cent in 2025. 

However, this growth figure is based on the resource boom in oil and mineral rich Guyana.

Without this driving force, regional growth is expected to come in at 3.9 per cent in 2024.

Growth in Jamaica, however, is projected at 2 per cent in 2024 and 1.6 per cent in 2025. This is due to subdued private consumption growth.

Growth in the region will be supported mainly by tourism, which has recovered from pre-pandemic levels and is expected to continue to improve.