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Amidst rating downgrade, Bahamas set to grow by 8% in 2021: CARICOM BUSINESS
The US-based rating agency Moody’s downgraded the sovereign creditworthiness of The Bahamas slashed the country’s long-term issuer and senior unsecured ratings to ‘Ba3’ from ‘Ba2, a day after the general election. Moody’s, in maintaining a “negative outlook” on The Bahamas, justified the downgrade by saying “the downgrade to Ba3 reflects the significant erosion of The Bahamas’ economic and fiscal strength”…
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Jamaica’s exports record growth of 24.6%: CARICOM BUSINESS
Jamaica’s total spending on Imports for January – May 2021 amounted to US$2,249.3 million, an increase of 12.0% relative to the same period in 2020. This increase was mainly attributable to higher imports of Fuels and Lubricants (42.7%) and Raw Materials / Intermediate Goods (13.8%). Total exports for the review period were valued at US$655.1 million, 24.6% above the US$525.7…
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Caribbean expected to grow 4.1% in 2021, ECLAC says: CARICOM BUSINESS
A new “Economic Survey of Latin America and the Caribbean” report released by ECLAC raised its growth forecast for the Region from 5.2% in July to 5.9%. Despite the encouraging improvement, these figures remain below par to bounce back from 2019’s Gross Domestic Product (GDP) with the Caribbean posited to grow by 4.1%. The growth in 2021, according to the…
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Barbados: Arrivals rising in tourism sector – CARICOM BUSINESS
Tourism interests in Barbados are now viewing the upcoming 2021/22 winter tourism season optimistically based on the latest statistics from the Barbados Tourism Marketing Inc. (BTMI). During July 2021, some 10,819 visitors travelled to Barbados, a significant increase of 6,745 visitors compared to the corresponding period of July 2020. The United States (US) copped 43.3 % market share, while the…
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CCRIF to pay out US$40 million to Haiti after earthquake: CARICOM BUSINESS
Catastrophe Risk Financing Facility (CCRIF) SPC will make a payout of approximately US$40 million to the government of Haiti following the devastating magnitude 7.2 earthquake that struck Haiti on August 14th, 2021, significantly impacting the city of Les Cayes. This payout represents the full coverage limit under the country’s parametric insurance policy for earthquakes for the 2021/22 policy year. As…
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Guyana rolls back freight charges to pre-pandemic levels: CARICOM BUSINESS
Effective August 1, 2021, Guyana by statute reduced freight charges to pre-pandemic levels (March 31, 2020) in the calculation of customs duties, excise taxes, and input VAT on goods imported. This facility however expires on January 31, 2022. This was occasioned by marked increase in shipping costs from some countries, moving from an average of US$2,500 to as much as…
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Barbados records growth of 5.5%: CARICOM BUSINESS
Barbados has recorded growth of 5.5% during the April to June quarter of 2021. That’s the word from Governor of the Central Bank of Barbados Cleviston Haynes who is predicting growth of 1 to 3% for calendar 2021. Haynes said the performance of the economy continued to be constrained by the protracted COVID-19 pandemic, which resulted in a dramatic falloff…
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Cayman implements 5-phase tourism re-start strategy: CARICOM BUSINESS
The Cayman Islands has announced a five-phase approach to reopening its tourism sector. During the first phase or ‘reduced quarantine period’, which began in June, fully vaccinated travellers are subject to a mandatory 5-day quarantine while the unvaccinated undergo 14-days isolation. In the second phase, or “reduced reparations restrictions”, effective August 9, additional travel restrictions will be eased, including the…
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Jamaica: Remittances exceed US$1 billion in 4 months – CARICOM BUSINESS
For the first 4 months of 2021, remittance inflows into Jamaica exceeded the US$1-billion mark. Net remittance inflows of US$1012.7 million increased by 52.6% or US$349.1 million relative to the previous corresponding period. This improvement resulted from an increase of 46.2% or S$345.7 million in total remittance inflows aided by a decline of 4.1% or US$3.5 million in total remittance…
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St. Kitts and Nevis launches $15M income support programme: CARICOM BUSINESS
St. Kitts and Nevis is implementing another round of income support for residents who became redundant in March 2020 and remain unemployed because of the global COVID-19 pandemic. Prime Minister Dr Timothy Harris announced the $15 million, 2021 Income Support Programme on July 08. Under the programme qualified applicants will receive “a monthly stipend of $1,000” which will be paid…
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