KINGSTON — Jamaican Prime Minister Andrew Holness on Tuesday said that last week's Hurricane Melissa, the strongest-ever storm to hit its shores, caused damage to homes and key infrastructure roughly equivalent to 28% to 32% of last year's gross domestic product.
"I believe this is a conservative estimate, based on the damage we have assessed," Holness told lawmakers, adding short-term economic output could decline by 8% to 13%.
The damages will push up Jamaica's debt-to-GDP ratio and put pressure on fiscal targets, he added, saying his government would activate emergency provisions to temporarily suspend the country's fiscal rules.
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