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 […]
Economic opportunities are expected to abound for Jamaica through the establishment of a multibillion-dollar ship repair and maintenance facility in the country. Called the German Ship Repair Jamaica (GSRJ) Shipyard, the project will provide dry docking (lifting the ship out of the water) for commercial vessels up to 20,000 tons and a range of maintenance and repair services to vessels […]
Jobs growth showed no sign of a slowdown in the U.S. in January, defying fears that the economy is heading for a downturn. The Labor Department said employers added 517000 jobs. That was far more than expected, pushing the unemployment rate down to 3.4% — the lowest rate in 54 years. Support The Readers Bureau. Buy A T-Shirt Today (4 […]
Jamaica’s economy is estimated to have grown by 5.2 percent for the first nine months of 2022, from January to September. Director General, Planning Institute of Jamaica (PIOJ), Dr. Wayne Henry, said the growth reflects positive performance for the Services industry, up 6.7 percent, and the Goods Producing Industry, up 0.6 percent. He pointed out that all industries, except ‘Mining, […]
Although job growth continues in the U.S., there is a dip in pace as rising prices and higher borrowing costs have put the economy in a spot of bother. The U.S. Labor Department, in its recent report, noted that employers added 261,000 jobs in October, while the unemployment rate rose slightly to 3.7%. The news comes as the economy remains […]
Fast rising prices continued to plague the US economy last month, though a drop in petrol costs provided some relief. The annual inflation rate fell to 8.3% in August. That was down from 8.5% in July, marking the second month of decline. But the costs of food, housing, and medical care continued to surge, disappointing economists expecting more widespread easing. […]
