The Federal Reserve kept its key interest rate unchanged on Wednesday, ending a long streak of increases that began in March 2022 to combat high inflation. The Fed’s benchmark rate remains at a range of 5% to 5.25%, the highest level since 2007. The central bank has raised its rate 10 times in the past 15 months, in the fastest […]
Jamaica’s Long-Term Foreign and Local Currency Issuer Default Ratings has now moved up to B+, indicating a positive outlook for the country and a reduced likelihood of going into debt default. Fitch says the positive revision is linked to the country’s progressive debt reduction despite the pandemic shock, as well as economic stability linked to local institutional frameworks and favorable […]
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 […]
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’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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
