IN efforts to prepare for the impact of the coronavirus (COVID-19) pandemic on the economy, Minister of Finance Dr Nigel Clarke says his ministry and the Bank of Jamaica have developed a proactive approach in the method of scenario analyses.
Scenario analysis, which is one of the main forms of projection, does not try to show one an exact picture of the future, but instead presents several alternative future developments.
“While we can’t forecast exactly how things are going to unfold — nobody can — what we have done is scenario analyses at various levels of intensity. We have [considered] what the impacts are going to be on the various macro and prudential variables and we have a response kit lined up for each scenario,” the minister, who was speaking yesterday at the Government’s COVID-19 Digital Town Hall — Measures for Workers and Small Businesses, said.
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