caribbean business

  • Photo of Barbados records growth of 5.5%: CARICOM BUSINESS

    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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  • Photo of Cayman implements 5-phase tourism re-start strategy: CARICOM BUSINESS

    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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  • Photo of Jamaica tourism sector rebounds:  CARICOM BUSINESS

    Jamaica tourism sector rebounds: CARICOM BUSINESS

    Jamaica’s tourism sector continues to lead the recovery efforts for the island’s economy, earning US$1.31 billion, of which US$97.58 million has been accrued directly by the Government. According to Tourism Minister Edmund Bartlett, “Based on our run rate forecast of visitor arrivals for June 2021, Jamaica would have received an estimated total of 816,632 visitors since reopening in June 2020.…

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  • Photo of Barbados delivers benefits to 88% of its unemployed:  CARICOM BUSINESS

    Barbados delivers benefits to 88% of its unemployed: CARICOM BUSINESS

    Barbados leads the Region in protecting its citizens during the pandemic through unemployment payments, delivering benefits to 88% of unemployed workers, while The Bahamas captured about 26%. That’s the information contained in the World Bank’s report, titled “Employment in Crisis” which asserts that only about one-third of the countries in Latin America and the Caribbean (LAC) offer a national unemployment…

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  • Photo of Jamaica grants licence for third telecoms provider: CARICOM BUSINESS

    Jamaica grants licence for third telecoms provider: CARICOM BUSINESS

    The Cabinet of the Government of Jamaica has given its approval for a third telecommunications service provider, Rock Mobile, to be granted a licence to operate locally. According to Technology Minister Daryl Vaz, the RFP for the new provider is in keeping with the Government’s policy objectives to increase broadband access to unserved and underserved areas; promote competition, innovation and…

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  • Photo of Haiti and Jamaica account for 86.2% of CARICOM remittances

    Haiti and Jamaica account for 86.2% of CARICOM remittances

    Remittances flows to Latin America and the Caribbean grew an estimated 6.5% to $103 billion in 2020, supported by a recovering economy and moderately improving labour market in the USA. CARICOM Member States however only accounted for 6.8% with total remittances equalling $7.074 B. According to the Migration and Development Brief published by the World Bank, Haiti (US$3.1 B) and…

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  • Photo of The Bahamas turns to the private sector to drive investment: CARICOM BUSINESS

    The Bahamas turns to the private sector to drive investment: CARICOM BUSINESS

    The Bahamas will shortly select a private group to establish a new statutory body, Invest Bahamas – an independent statutory body that would facilitate the investment process from conception to implementation. The Finance Ministry is reviewing at least 7 bids received in response to a recently closed Request for Proposals (RFP). According to the RFP, Invest Bahamas would be, “a…

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  • Photo of “No new taxes” in St Lucia’s 2021/22 $1.6B fiscal budget: CARICOM BUSINESS

    “No new taxes” in St Lucia’s 2021/22 $1.6B fiscal budget: CARICOM BUSINESS

    Saint Lucian Prime Minister Allen Chastanet has presented a EC$1.12 B revenue estimate for fiscal year 2021/22. The fiscal package, which contains “no new taxes,” represents a 21.3% increase over the revised estimate for the last fiscal year. However this is lower than pre-pandemic years of 2018-19 and 2019-20 in which revenue was recorded at EC$1.20 billion and EC$1.19 billion…

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  • Photo of Guyana set to grow by 20.9% in 2021: CARICOM BUSINESS

    Guyana set to grow by 20.9% in 2021: CARICOM BUSINESS

    Guyana’s economy will remain resilient against the effects of COVID-19, maintaining its growth trajectory as the petroleum sector ‘picks up steam’, the World Bank has said. Guyana grew at an extraordinary rate of 43.5% in 2020, having completed a year of oil production. The positive spill-over effects have been dampened by a deep contraction in the non-oil economy, triggered by…

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  • Photo of Jamaica opens fiscal year with cash reserves of $90 billion:  CARICOM BUSINESS

    Jamaica opens fiscal year with cash reserves of $90 billion: CARICOM BUSINESS

    Jamaica’s Finance and the Public Service Minister, Dr Nigel Clarke, says the island opened the 2020/21 fiscal year with cash reserves of approximately $90 billion, or more than 4% of GDP. Clarke attributed this was to the policy of amassing the country’s cash reserves to pay down debt. This resulted in Jamaica’s ability to finance a 3.5% fiscal deficit without…

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