Newsletters
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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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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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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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Barbados records growth of 10%: CARICOM BUSINESS
Barbados registered economic growth of 10% during July-September 2021 relative to the corresponding period in 2020. However, for the first 9 months of the year economic activity is estimated to have been approximately 3.2% below the corresponding period in 2020. Indeed at end-September, the gross international reserves totalled $2,865 million, covering approximately 42 weeks of imports. Tourism continued its recovery…
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Jamaica earns US$1.7 billion as tourism rebounds: CARICOM BUSINESS
Jamaica’s tourism continues to rebound strongly amid the coronavirus pandemic as is reflected in the US$1.7 billion in earnings since the reopening of the country’s borders in June 2020. Since that time, Jamaica has received 1,285,368 visitors — including 8,381 cruise passengers. According to Tourism Minister Edmund Bartlett, the forecast for 2021 is for a total of 1,578,743 visitors and…
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Jamaica raises policy interest rate to moderate inflation: CARICOM BUSINESS
The Bank of Jamaica (BOJ) has raised its policy interest rate by 100 basis points to 1.50% as inflation breached the upper limit of the bank’s target range in August. However the action will “moderate” the economy’s growth potential. The policy interest rate has stood at a historic low of 0.5% since August 2019. Currently inflation is tracking at 6.1%.…
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