Central Bank projects that Jamaica’s economy will recover fully from hurricane Melissa, in 2-3 years

The Central Bank is projecting that Jamaica’s economy will recover fully from hurricane Melissa, in 2-3 years.

The hurricane passed over the island on October 28, 2025 at category 5 strength, causing major destruction.

Western parts of the country are still reeling from its impact.

Speaking at a Quarterly Monetary Policy Press Briefing this morning, the Bank’s Governor, Richard Byles, explained that the current projected recovery rate is faster than initial forecasts.

Previous data showed that full economic activity was estimated to occur in 3-4 years.

In the meantime, Governor Byles said the bank anticipates that the current account balance will fall within a range of a deficit of 0.5% of gross domestic product (GDP) to a surplus of 0 point 5% for the 2025/2026 fiscal year.

This is compared with a surplus of 3% of GDP in the 2024/2025 fiscal year.

Despite this worsened external position, Governor Byles said Jamaica’s international reserves remain robust.