Accountant Links Jamaica’s Sluggish Economy to Country’s ‘Weak Infrastructure’

Chartered accountant, Dennis Chung, says the country’s sluggish economic growth is largely the result of Jamaica’s weak infrastructure.

His remark follows news that the economy stagnated during the quarter ended in June and is projected to contract further in the next quarter.

However, Mr. Chung remains hopeful that the economy will return to growth by the final quarter of the year.

Shaloy Smikle tells us more.

The Planning Institute of Jamaica, PIOJ, recently reported that the economy saw minimal growth in June, with a recorded increase of just 0.1 per cent.

The slowdown was attributed to a range of factors, including declines in construction and manufacturing, coupled with a drop in tourism arrivals during the period.

Mr. Chung expresses little surprise at the current state of the economy, pointing to long-standing structural issues that are only now being addressed.

He also notes that the impact of Hurricane Beryl on the country’s agricultural sector, particularly in the breadbasket region, has exacerbated the economic challenges.

Despite these hurdles, Mr. Chung remains optimistic that Jamaica can overcome the difficulties. However, his outlook is contingent on avoiding major storms for the rest of the Atlantic Hurricane Season.