BOJ projects marginal growth

The Bank of Jamaica is projecting that the domestic economy will recover marginally in the first quarter of this year.

BOJ Governor Brian Wynter told journalists this morning at a press briefing that growth is projected in the range of 0 to 1 per cent.

Against that background, he said real Gross Domestic Product for the financial year 2012/2013 is projected in the range of negative 0.5 per cent to positive 0.5 per cent.

The BOJ Governor noted that the forecast is predicated on continued recovery in the global economy in tandem with favourable weather conditions.

In the meantime, Wynter also noted that inflation is projected to fall in the range of 2 to 3 per cent at the end of March as a result of the generally tight fiscal stance.

Given the forecast for the quarter, the BOJ Governor highlighted that the bank’s forecast for inflation for 2012/2013 remains in the range of 7.5 to 9.5 per cent.

He noted that programmes such as the National Debt Exchange will enhance the Bank’s ability to maintain single digit inflation.

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