caribbean business

  • 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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  • Photo of 80% of Caribbean businesses look to brand modernisation: CARICOM BUSINESS

    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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  • Photo of Jamaica’s remittance flows jump 25.7%:  CARICOM BUSINESS

    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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