Business
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T&T: Parliament passes economic zones law: CARICOM BUSINESS
The newly approved T&T Special Economic Zones Bill, 2021 will result in the creation of a SEZ Authority. Entitled “An Act to provide for the designation, development, operation and management of Special Economic Zones,” the new law will repeal the existing Free Zones Act. According to Trade Minister Paula Gopee-Scoon, the new SEZ regime “will ensure that not only are…
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Grenada: Public Debt declines to 68.9% in 2021: CARICOM BUSINESS
Grenada’s recovery from the pandemic is being led by construction & agriculture, resulting in an expected expansion of real output of approximately 5% in 2022. According to the IMF, the current account deficit has widened, as weak tourism receipts, higher fuel prices and import demand from construction offset the recovery in agricultural exports. Public debt is estimated to have declined…
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Barbados Builds Its Own Online Travel Booking Platform: CARICOM BUSINESS
Within the first 5 months of the COVID-19 pandemic, Regional tourism already afflicted by a downturn in visitor arrivals faced delayed payments from major international tour operators. According to the CHTA, by May 2020, 69% of hotels had reported being owed from US$200,000 up to US$15 million. In response, a Barbadian start-up, BookBarbados.com, was launched at the close of 2021.…
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Jamaican economy confirmed to grow by 5.8% in 3rd quarter: CARICOM BUSINESS
Total value added for the Jamaican economy increased by 5.8% during the third quarter of 2021 relative to the third quarter of 2020. According to the Statistical Institute of Jamaica, this was attributable to growth in both the Services and Goods Producing Industries of 7.1 and 2.4% respectively. The growth in the Services Industries was due to improved performance in…
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Bahamas largely compliant with AML/CFT requirements: CARICOM BUSINESS
The Bahamas is now compliant with 38 out of 40 Financial Action Task Force (FATF) recommendations to strengthen its AML/CFT framework, with the Caribbean arm of the regulatory body, noting that this jurisdiction is now “compliant” with 18 recommendations and “largely compliant” on 20 of them. The recently released 4th Enhanced Follow Up Report and Technical Compliance Re-Rating, noted the…
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IMF: Dominica projected to grow annually by 5% from 2022 – CARICOM BUSINESS
The IMF is projecting that Dominica will record sustained annual growth of 5% from 2022 thru 2026. Coming at the conclusion of its Article IV consultation, the IMF noted that the growth outlook is promising, supported by the large public investment program and the projected gradual recovery in tourism with added hotel capacity. However, the Fund also noted that with…
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Jamaica records growth of 6.3% for 3rd calendar quarter: CARICOM BUSINESS
The Jamaican economy grew by 6.3% for the July-September 2021 quarter relative to the similar quarter in 2020, reflecting continued recovery in most sectors, except mining, growth estimates from the Planning Institute of Jamaica, PIOJ, reveal. The mining sector declined 31% given the closure of a principal alumina plant and is expected to contract by 20 to 25% in 2021.…
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IMF predicts growth of 5.7% for T&T in 2022: CARICOM BUSINESS
Anticipating recovery in oil and gas production, the IMF is projecting growth for Trinidad and Tobago of 5.7% and headline inflation of 2.4% in 2022. These projections reflect the findings of the recently concluded Article IV consultations, which projected a decline in real GDP of 1% for 2021, however the inflation rate of 2.2% as at July 2021 remains a…
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Trinidad pumps US$1.5B into its forex market: CARICOM BUSINESS
The Central Bank of Trinidad and Tobago injected US$1.012 billion into the foreign exchange market between January and October 2021. According to Finance Minister Colm Imbert, the Government, through the Exim Bank, has provided access to a further US$524 million, which “led to a total intervention of US$1.536 billion in the forex market for the first ten months of this…
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Bermuda reaps US$23 million from digital nomads: CARICOM BUSINESS
In its first 12 months, the work from home in Bermuda (WFB) certificate has had an estimated value-added of $23.3 million to the economy. According to Labour Minister, Jason Hayward, 638 people took up the scheme and 206 families still lived on the island as a result. The initiative was launched on August 1, 2020 & allowed people from overseas…
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