Jamaican central bank depitcs gloomy economic picture

KINGSTON, Feb. 25 (Xinhua) -- Jamaica is to end its current fiscal year with a GDP growth between minus 0.5 percent and 0.5 percent, the central bank said Monday.

The cheerless projection for the 2012-2013 fiscal year, which ends on March 31, was made by Bank of Jamaica (BOJ) Governor Brian Wynter at a press conference.

The debt-ridden economy would grow between zero and 1 percent in the first quarter of 2013, while the medium-term growth could not yet be assured, he added.

Given the country's debt reducing and fiscal tightening efforts, Wynter said, the inflation rate would remain within single digits, possibly peaking at 9.5 percent for the year.

On the same day, the BOJ reduced the interest rate on 30-day certificates of deposit by 50 basis points to 5.75 percent, a move it said was aimed at "further strengthening fiscal consolidation" and dampening the effect on "inflationary impulses."

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