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Dr Nigel Clarke
With revenues down a staggering $72 billion for the first nine months of the 2020/21 fiscal year, Finance Minister Dr Nigel Clarke has warned that “Jamaica continues to face an extremely dangerous and extremely damaging global economic crisis brought on by the COVID-19 pandemic”.
“This is by far the worst the worst economic downturn in Jamaica’s history,” Clarke said as the House of Representatives on Tuesday debated and passed the Third Supplementary Estimates totalling $850.3 billion. This is down $3.5 billion from the figure that was approved in the Second Supplementary Estimates.
Clarke noted that, among other things, the crisis has impacted economic output which is forecasted to decline precipitously this fiscal year, having declined by 18.4 per cent in the first quarter and 10.7 per cent in the second quarter. He noted that unemployment leapt from 7.3 per cent in January of 2020 to more than 12 per cent in July 2020 before improving to 10.4 per cent