Newsletters
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CARICAD: Horizon Newsletter Vol 4 Issue 1
Time to Adapt From the Executive Director’s Desk “We are living in unprecedented times. We are traveling through unchartered waters. The times in which we are living are uncertain, complex, insecure and anxiety-inducing. The COVID-19 crisis has greatly intensified the uncertainty, complexity and anxiety. The crisis has now gone past a year in duration and there is as yet no…
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Fitch Affirms Jamaica at ‘B+’; Outlook Stable: CARICOM BUSINESS
Fitch Ratings Agency, has affirmed Jamaica’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘B+’ with the outlook remaining stable. The Stable Outlook is supported by the expectation that the public debt level will return to a firm downward path post-pandemic, which is underpinned by political consensus to maintain a high primary surplus, the resilience of external finances, and stronger economic…
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CDB Projects Return to Economic Growth in 2021: CARICOM BUSINESS
The Caribbean Development Bank (CDB) is reporting that the economies of its 19 Borrowing Member Countries (BMCs) contracted by 12.8% on average in 2020 but is projecting an average GDP growth of 3.8% in 2021. According to the Bank in 2020, the majority of BMCs registered double-digit declines in GDP. Countries with significant tourism industries, such as The Bahamas, Barbados,…
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80% of Caribbean businesses look to brand modernisation: CARICOM BUSINESS
Over a quarter of businesses in the Caribbean have not been able to meet their digitisation goals. This was revealed by PricewaterhouseCoopers in its Caribbean Digital Readiness Survey 2021. In the survey, 42% of respondents believed they were on target to meet their goals while 28% said they were ahead. Only 15% believe that their digital fitness is on a…
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Jamaica’s remittance flows jump 25.7%: CARICOM BUSINESS
Jamaica’s net remittance flows totalled $220.9 million as at November 2020 reflecting an increase of 25.7% or US$45.2 million over November 2019. This increase resulted from a rise in gross remittance inflows of 18.7% or US$37.5 million aided by a decrease of 32% or US$7.7 million in outflows. Based on the Bank of Jamaica’s November 2020 Remittance Bulletin, the increase…
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CARICOM BUSINESS – Economic fall-out continues from COVID-19 pandemic
This week’s CARICOM BUSINESS Newsletter features some of the economic fall out as the Region continues to grapple with the COVID-19 pandemic. This edition touches on developments in Barbados, Jamaica, the Bahamas and St. Vincent and the Grenadines, as well as the European Union’s continuing blacklisting threats and Canada’s suspension of airline services. Click on the Image or Link below…
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CDB elects Gene Leon as new President: CARICOM BUSINESS Newsletter
The Board of Governors of the CDB has elected Hyginus “Gene” Leon to serve as the next President of the multilateral institution. Leon’s appointment will become effective on May 1, 2021. He will succeed W. Warren Smith. Leon has over 30 years of experience in economic development and has directed macroeconomic and financial policy support to government authorities in Africa,…
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Jamaica’s securities market grows by 100%: CARICOM BUSINESS
Finance Minister Dr Nigel Clarke, says Jamaica’s private securities market grew by approximately 100% between 2017 and 2020, with the value of bond issuance transactions doubling from some $200 million to $400 million. This metric was noted within the context that the banking sector recorded loan growth ranging between 16 and 35% over the period. He was speaking during the…
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Grenada regains majority shareholding in electricity provider: CARICOM BUSINESS
Grenada’s light and power company monopoly, Grenlec, will continue to operate as a private company, although the government has repurchased the majority shares owned by WRB Enterprises. Through a US$63-million settlement, which is US$12 million less than an arbitration award, the government regained control of the 50% shareholding sold to WRB Enterprises in 1994. In addition, the government has also…
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SVG’s 2020 revenues higher than 2019 — Finance Minister: CARICOM BUSINESS
In a break with tradition, the government of St Vincent and The Grenadines, in the absence of a budget for 2021, received approval from Parliament to borrow EC$125 million for capital expenditure for next year. Public Sector Investment Loan No. 2 Act 2020, presented by Minister of Finance, Camillo Gonsalves, authorises the government to raise funds to assist the government…
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