Tag: economic

NEWS

IMF Paints Gloomy World Economic Outlook

WASHINGTON — World economic growth is slowing, and the prospects for a quick recovery are gloomy, the International Monetary Fund said Tuesday. The IMF said it expects growth to slow from last year’s 6.1% advance across the globe to 3.2% this year, four-tenths of a percentage point lower than it forecast in April. “A tentative recovery in 2021 has been […]

Jamaica

Energy Minister Daryl Vaz Says Jamaica’s Oil Supply Secure

Energy Minister Daryl Vaz says Jamaica’s oil supply chain is not in jeopardy amid concerns about possible disruptions due to economic sanctions on Russia following its invasion of Ukraine. He gave the assurance while providing an update on energy security and oil prices during a recent meeting of the Standing Finance Committee of the House of Representatives. “I want to […]

Jamaica

Three Consecutive Quarters Of Growth For Tourism

Jamaica’s tourism industry rebounded from the economic fallout caused by the coronavirus (COVID-19) pandemic to record three consecutive quarters of growth in 2021. Governor-General, His Excellency the Most Hon. Sir Patrick Allen, says the country ended last year with a strong showing of more than 1.6 million visitors and US$2 billion in earnings. “The industry’s success can be attributed to […]

BUSINESS

IMF Takes A Different Look At Global Growth

The International Monetary Fund (IMF) has downgraded its global growth forecast for this year as rising COVID-19 cases, supply chain disruptions, and higher inflation hamper economic recovery. In its delayed World Economic Outlook report, published on Monday, the IMF said it expects global gross domestic product to weaken from 5.9% in 2021 to 4.4% in 2022 — with this year’s […]

Jamaica

Jamaica Recovering Steadily Says PM

Prime Minister, the Most Hon. Andrew Holness, says Jamaica is recovering steadily from the economic fallout sparked by the coronavirus (COVID-19) pandemic, based on the out-turns of several key indicators. Notable, he says, is growth of 14.2 percent and 5.8 percent in the April to June and July to September 2021 quarters, respectively, following an 18.4 percent economic contraction in […]

NEWS

Caribbean’s Economic Growth In A Spot Of Bother

Global outlook, growth in the Caribbean region is expected to slow until 2023 according to the World Bank’s Economic Prospects report. It noted that the growth is projected to soften to 2.6 percent this year. Growth in 2023 is projected to be just 0.1 percent better at 2.7 percent. The report says growth continues to be affected by fiscal and […]

BUSINESS

Eurozone Shows Economic Growth

The eurozone’s economy shows two percent growth for the first six months of the year thus removing any sign of a recession. The latest economic figures indicate growth in individual national economies which reported data. The 19-nation bloc had experienced serious setbacks following the negative impact of the COVID-19 pandemic on their respective economies. However, the eurozone remains three percent […]

NEWS

IMF — Gap Widens Between Rich And Poor Countries

The International Monetary Fund (IMF) in a report notes that the gap in the economic prospects between rich and poor nations is now further apart, following the inequality in access to the COVID-19 vaccines. The international organization, in its analysis and global outlook, concludes that the world is increasingly split into two blocs. It has upgraded its growth forecasts for […]

Jamaica

7-9 Percent Growth Projected For Jamaica’s Economy

The Planning Institute of Jamaica (PIOJ) is projecting that the economy will grow within the range of seven percent to nine percent during the April to June 2021 quarter. Director General of the PIOJ, Dr. Wayne Henry, who made the announcement, said this outlook is based on “the commencement of the recovery process relative to the low output levels recorded […]

BUSINESS

The Invisible Hand Lifts U.S. Inflation Up

The U.S. inflation jumped in April from a year earlier as the economic activities picked up following the uptake in vaccination and tapering of the COVID-19 pandemic. Consumer prices surged 4.2% in the 12 months through to April, up from 2.6% in March and marking the biggest increase since September 2008. The latest report from the U.S. Labor Department comes […]