caricom business

  • Photo of Jamaica earns US$1.7 billion as tourism rebounds: CARICOM BUSINESS

    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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  • Photo of Amidst rating downgrade, Bahamas set to grow by 8% in 2021: CARICOM BUSINESS

    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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  • Photo of Guyana rolls back freight charges to pre-pandemic levels:  CARICOM BUSINESS

    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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  • Photo of Grenada fiscal revenues exceed target by 10.6%:  CARICOM BUSINESS

    Grenada fiscal revenues exceed target by 10.6%: CARICOM BUSINESS

    The Fiscal Reports for the months of April, May and June have shown that the Government of Grenada earned more than the targeted revenue as projected in the 2021 Estimate of Revenue. For the 3-month period total revenue collections equalled EC$175.9 million, $18.6 million above target or $32.7 million more than revenues collected for the comparable 3-month period in 2020.…

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  • 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 and IMF reach staff level agreement: CARICOM BUSINESS

    Barbados and IMF reach staff level agreement: CARICOM BUSINESS

    The IMF and Barbados have reached a staff-level agreement on the completion of the fifth review under the EFF arrangement, which was conducted virtually between May 3-7, 2021. According to the IMF, the economy remains severely depressed by the ongoing global pandemic with tourism operating at a fraction of normal levels. Economic growth for 2021 is premised on a modest…

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  • Photo of Barbados to relax quarantine requirements effective May 8: CARICOM BUSINESS

    Barbados to relax quarantine requirements effective May 8: CARICOM BUSINESS

    Effective May 8, vaccinated persons entering Barbados will only be made to quarantine pending the results of one locally administered COVID-19 PCR test. This could result in a quarantine period as little as 24 hours. According to Prime Minister Mia Mottley, a vaccinated person is defined as someone who in a two-dose regime had received both doses plus 14 days,…

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  • Photo of CDB Projects Return to Economic Growth in 2021: CARICOM BUSINESS

    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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