Modest Growth Rebound Ahead

The Jamaican economy expanded by 1.2% in 2007, broadly in line with our 1.1% forecast. This rate marked a sharp slowdown from the 2.5% recorded in 2006, but remained slightly above the 0.9% 10-year mean growth rate. We expect to see a rebound in 2008 and 2009 and forecast real GDP to come in at 2.0% and 3.0% respectively. Lagged effects from Hurricane Dean will continue to cause a drag on overall growth.

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