The war in Ukraine is likely to be the big topic for a second year when leaders gather at the U.N. General Assembly next week, but many developing countries are hoping to shine a light on issues important to them, including development, the economy, and climate. This year’s general assembly will take place after Asian countries met in Indonesia for […]
U.S. job growth slowed last month in a sign that the weight of higher interest rates may be starting to slow the world’s largest economy. The Labor Department reported that nonfarm payrolls increased by 209,000 jobs last month, the smallest gain since December 2020, the survey of establishments showed. That was fewer than expected, though the unemployment rate still fell […]
Jamaica’s economy grew by 4.2 percent in the first quarter of this year. The Statistical Institute of Jamaica (STATIN) says real value added in the January to March period was influenced by the growth of 5.4 percent in the services industry. The performance also reflects an improvement compared to the projection given by the Planning Institute of Jamaica (PIOJ) in […]
The International Monetary Fund is set to make US$38 million available to Barbados following their successful completion of the first reviews of the Extended Fund Facility and the Resilience and Sustainability Facility arrangements. The IMF commended Barbados for its efforts in economic reform and climate policy agenda aimed at strengthening fiscal sustainability, advancing structural reforms, unlocking the economy’s growth potential, […]
Lisa Hanna, in the second of her two-part series titled the “tale of two Jamaica’s,” published in the Jamaica Observer dated June 04, 2023, is insightful, informative, and forthright. Her critique of the ongoing saga regarding the recent increase in government salaries should serve as a call for all politicians to look within themselves and consider whether they have leveraged […]
Jamaica’s economy is estimated to have grown in the range of four to 5.5 per cent for fiscal year 2022/23. This out-turn, according to Bank of Jamaica (BOJ) Governor, Richard Byles, is consistent with the range previously anticipated by the institution. He was addressing journalists during the BOJ’s semi-virtual media briefing on Monday (May 22). Mr. Byles, who noted that […]
The U.S. economy slowed in the first three months of the year as businesses reduced investments in the face of higher borrowing costs. According to the Commerce Department, the economy grew 1.1 percent annually. That was down from a rate of 2.6 percent in the prior quarter, despite strong consumer spending. The latest report on gross domestic product showed the […]
WASHINGTON — The International Monetary Fund has approved a $15.6 billion support package for Ukraine to assist with the conflict-hit country’s economic recovery, the fund said in a statement Friday. Russia’s invasion has devastated Ukraine’s economy, causing activity to contract by about 30% last year, destroying much of its capital stock and spreading poverty, according to the IMF. The outbreak of […]
The Executive Board of the International Monetary Fund (IMF), on Thursday (March 2), approved funding of approximately US$1.7 billion for Jamaica under its Precautionary and Liquidity Line (PLL) and Resilience and Sustainability Facility (RSF). Under a 24-month arrangement, the country will receive US$968 million from the PLL, as insurance against risks from higher commodity prices, a global slowdown, tighter-than-envisaged global […]
According to press reports, the UK narrowly avoided falling into recession in 2022 after the economy saw zero growth between October and December. The Office for National Statistics says this is despite a sharp 0.5% fall in economic output during December, partly due to strike action. Chancellor Jeremy Hunt said the figures demonstrated underlying resilience but that the country was […]
