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BOJ says economy could contract by more than 3% due to COVID-19

Jamaica's economy could contract by more than three per cent in the next fiscal year due to COVID-19.
 
That was the assessment from the Bank of Jamaica (BOJ) in a conference call with journalists on Thursday.
 
So far, the central bank has made available $57 billion to help shore up the economy.
 
This augments the $25 billion stimulus package announced recently by the government.
 
BOJ Governor Richard Byles said the bank stands ready to do more to mitigate the economic fallout from COVID-19.
 
Mr. Byles added that inflation should fall to the lower end of the four to six per cent range as a sharp decline in the cost of oil and weaker consumer demand due to a decline in economic activity, will offset upward price pressures from supply chain disruptions and weather-related increases in agricultural prices.
 


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