Jamaica growth exceeds Latin American average — IMF data Nation should grow by 1.7% in 2015 down from 1.8 per cent in the previous report. The island should also grow at 2.2 per cent in 2016, but there was no immediate comparison from the previous report.

BY STEVEN JACKSON Business reporter jacksons@jamaicaobserver.com  Friday, April 17, 2015    

JAMAICA'S growth forecast was slightly lowered for 2015, but surprisingly it still beat the average growth in Latin America and the Caribbean, according to fresh data from the island's multilateral lender the International Monetary Fund (IMF).

WASHINGTON, United States — IMF Managing Director
Christine Lagarde speaks during a discussion on the global
 economy at the IMF/World Bank Spring Meetings in
Washington, DC, on Thursday. (PHOTO: AFP)

The IMF noted in its quarterly World Economic Outlook (WEO) that the island should grow at 1.7 per cent in 2015 down from 1.8 per cent in the previous report. The island should also grow at 2.2 per cent in 2016, but there was no immediate comparison from the previous report.

Its rare, at least in recent years, for the island to beat the region. Commodity prices led by energy and grains are no longer supporting the growth in Brazil, Venezula, Argentina and Mexico. As a result their growth is weak, but it also allows commodity importers like Jamaica a chance to grow.

Latin America and the Caribbean is set to grow at 0.9 per cent and 2.0 per cent in 2015 and 2016 respectively.

KINGSTON, Jamaica — An aerial view
of downtown Kingston, with ships
in the harbour.

Panama leads

Panama will continue growing at the fastest pace in the Americas at 6.1 per cent and 6.4 per cent in 2015 and 2016 respectively.

Meanwhile, oil-rich Venezuela should decline by 7.0 per cent and 4.0 per cent in 2015 and 2016, the worst in the region.

Jamaica will beat oil-rich Trinidad & Tobago, set to grow at 1.2 per cent and 1.5 per cent in 2015 and 2016, respectively. more