Jamaica’s Economy Grows by 1.9% in First Quarter of 2024
The Planning Institute of Jamaica (PIOJ) has announced a 1.9% growth in the economy for the first quarter of the year.
This marks the twelfth consecutive quarter of economic expansion for the country.
The announcement was made by James Stewart, Senior Director of the Economic Planning and Research Division, during the PIOJ’s quarterly press briefing.
Mr. Stewart attributed this growth to several factors, including the sustained expansion in the economies of Jamaica’s primary trading partners and increased levels of business and consumer confidence.
He expressed optimism about the economy’s trajectory, expecting continued positive growth in the next quarter.
However, despite this steady growth, challenges remain.
Hugh Morris, Director of Modeling and Research at the PIOJ, highlighted the need to address productivity gaps to achieve more significant economic output.
Responding to questions about why Jamaica’s growth has been limited to the 1 to 2% range, Mr. Morris pointed out that the island’s productivity levels are not yet at the scale required to propel further growth.
To tackle this issue, Mr. Morris mentioned ongoing initiatives such as the HEART/NSTA’s provision of free training up to level 4, which aims to enhance the capacity of the labor force.
He also emphasised the importance of diversifying the economy by introducing more products and services.
As Jamaica looks to sustain and build on its current growth, addressing these productivity challenges will be crucial.
The PIOJ’s focus on improving labor force skills and economic diversification signals a strategic approach to fostering a more robust economic future.
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