JAMAICA’S economy is set to expand for a fourth year in a row this year, though at a slower pace from previous years, the World Bank Group said in its latest projections for 2024.
In forecasts published on Tuesday, the multilateral organisation said gross domestic product (GDP) in Jamaica was set to expand at 2 per cent in 2024 — down from 2.3 per cent last year. If the predictions are accurate, it would mark the second year in a row where growth would prove weaker than the previous 12 months. In 2025, the forecast is for the growth momentum to continue, though at yet a slower 1.4 per cent pace. If realised, that would mark 5 straight years of expansion coming out of the pandemic-induced decline in 2020, even though the pace of growth has been declining every year.