And even then, it states “there is a higher-than-usual degree of uncertainty around this forecast." As I reported in my most recent economic review, COVID-19 has triggered a deep recession in our island. Overall, in the first half of the year, the economy contracted by almost 15 percent.
Our tourism and hospitality industries have been damaged, resulting in a decline in the performance of almost all other sectors. Government’s revenues were depressed and more than 33,000 jobs were lost as we had to temporarily close the economy to protect lives.