• The average employment rate in the country continues to be below pre-pandemic levels, according to data from a new survey by the World Bank and the United Nations Development Program (UNDP) published yesterday. 
• The series of High-Frequency Telephone Surveys, the second phase of which was implemented this year in 24 countries in the region, showed that in the pre-pandemic period the employment rate was around 72% in the Dominican Republic and that it is currently around 65%. 
• The data indicates that the Dominican Republic has recovered above what the regional average indicates (62%) at present. In addition, the country’s employment rate is above nations such as Honduras, Panama, Uruguay, Costa Rica, Argentina, Chile, Colombia, and Brazil. 
• At the local level, the Central Bank of the Dominican Republic (BCRD), in its quarterly report July-September 2021, explains that, during the three quarters of 2021, the Dominican Republic labour market has shown important signs of recovery, but is yet to reach pre-pandemic levels.

(Source: Dominican Today)

• U.S. consumer confidence dropped to a nine-month low in November amid worries about the rising cost of living and pandemic fatigue, but that did not change expectations for stronger economic growth this quarter. 
• The survey from the Conference Board on Tuesday showed consumers were less enthusiastic about buying a house and big-ticket items such as motor vehicles and major household appliances over the next six months, likely because of shortages, which have boosted prices. 
• Consumers held strong views of the labour market, with the gap between those saying jobs are plentiful versus hard to get widening to a record high. 
• "This isn't a cause for concern as the relationship between spending and sentiment is loose, particularly in the short-run," said Ryan Sweet, a senior economist at Moody's. Analytics in West Chester, Pennsylvania. "The good news is that consumers' assessment of the labour market improved in November, pointing toward a further acceleration in job growth."

(Source: Reuters)

• The Canadian economy roared back in the third quarter, with growth most likely accelerating in October on a manufacturing rebound, though economists were cautious on the looming impact of the Omicron COVID-19 variant. 
• Canada's economy grew 5.4% in the third quarter on an annualized basis, beating analyst expectations for a gain of 3.0%, Statistics Canada data showed. A preliminary estimate for October showed a gain of 0.8%, while September's GDP was in line with expectations for a 0.1% rise. 
• Statistics Canada revised down annualized second-quarter GDP to a contraction of 3.2% from a previous dip of 1.1%. But with the October gain, economic activity is now just 0.5% below pre-pandemic levels. "The October increase was maybe more encouraging for the speed of recovery even more than the third-quarter numbers," said Nathan Janzen, senior economist at Royal Bank of Canada.

(Source: Reuters)

• Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke has highlighted that with the COVID-19 pandemic accelerating the integration of technology in people’s working lives, the public sector must make better use of information and communications technology (ICT) to support economic development and enable modernisation. 
• Consequently, the Public Sector Transformation Programme seeks to leverage ICT in transforming how the public sector delivers services to its citizens and internally to itself. Two critical elements must be addressed – How can technology be embedded into the heart of the operations of the public sector? and how can ICT use be maximized in the sector?
• The Minister said that as the Government moves towards greater use of ICT in the public sector, there must be an equal if not faster move to untangle institutional dynamics to achieve modernization and enable transformation. This is essential if the public sector is to realize the benefits from emerging technologies. 
• To build capacity and capability for ICT use in the public sector, Dr. Clarke said the management, analysis, and visualization of data must collaborate seamlessly over a secure network using virtual tools. These are just some of the skills that will be required. 
• The Minister noted that the capacity and capability must exist to harness technology and smarter and more efficient work. They must also be an enabling policy framework buttressed by a robust change management process, and a continuous build-out of capacity and capability for the transformation to be successful.

(Source: JIS News)

• Jamaica’s burgeoning film industry earned approximately US$236 million from 47 productions undertaken during the 2020/21 year while generating 867 jobs. 
• This was disclosed by the Minister of Industry, Investment and Commerce, Hon. Audley Shaw, who said the outcome mainly resulted from Jamaica Promotions Corporation’s (JAMPRO) work in actively promoting film as a viable local investment opportunity. 
• The quality and quantity of local film content have improved over the last three years and are “responding well” to increased global demand for productions that are culture-specific. 
• He also highlighted opportunities in the animation and digital sectors, two industries that demonstrate the potential for economic transformation. In addition, greater activity in the film industry such as the recent premiere of the James Bond movie, of which a large part was filmed in Jamaica, can lead to the increased popularity of the island, which could increase demand in the tourism sector.

(Source: JIS News)

• Although oil prices have dipped because of a new COVID-19 variant, which was detected in South Africa, Brent – the benchmark Guyana uses to sell its crude – remains over US$70 per barrel of oil, allowing Guyana to end the year with over US$600 million in its Natural Resource Fund (NRF). 
• Revenues reaching close to US$70 million could be earned from the sale of the country’s final oil lift for this year, which was completed by the company producing offshore Guyana, ExxonMobil, a few days ago. 
• Minister of Natural Resources, Vickram Bharrat, confirmed on Sunday that the country received its final lift and it will soon be exported. Even amid the fluctuations in market prices caused by the global response to the new COVID-19 variant, Bharrat is hopeful that oil prices will hold so that Guyana could get the best price for its commodity. 
• Guyana has earned close to US$80 million from the sale of its penultimate lift for 2021, taking the total earnings in the NRF to over US$534 million. According to the Bank of Guyana’s monthly report on the NRF, the aggregate sum moved from US$436Mn in September to US$534Mn in October.

 (Source: Guyana Chronicle)

• The Bahamas is on target to realise its “far-off dream” of one million stopover visitors in 2021, a top official disclosed yesterday, while hotel rates and tourist spending inch closer to pre-COVID levels. 
• Joy Jibrilu, the Ministry of Tourism’s director-general, told the weekly media briefing by the Prime Minister’s Office that “the quality of the numbers” that The Bahamas is enjoying in its pandemic recovery is more important than just mere visitor arrivals. 
• Confirming that The Bahamas is on track to hit the one million stopover visitor target set by former tourism minister, Dionisio D’Aguilar, when he spoke to Tribune Business in early July, she said: “Internally, we’re floating a number. When we floated that number in September, that seemed like a far-off dream. But it’s more than that at this stage.” 
• Jibrilu said hotel and tourism industry margins, and yields had increased instead of dropping as had initially been predicted. And increased tourism spending meant that the economic impact from The Bahamas’ largest sector is being felt more widely, and by more persons.

(Source: The Tribune)

• Pandemic-weary corporations struggled to assess the impact of the new Omicron variant of the coronavirus on Monday, with industries from airlines to autos awaiting more details to help determine how it might affect their operations and profits. 
• The World Health Organization warned on Monday that the Omicron variant carries a very high global risk of infection surges. Spooked investors wiped roughly $2 trillion off global stocks on Friday, but markets were calmer on Monday. 
• Countries have swiftly imposed bans on travel from southern Africa, where the variant was first discovered. Japan and Israel went even further, announcing bans on all foreign arrivals.

(Source: Reuters)

• Global inflation continues to hit new highs, prompting a hawkish shift by markets and raising concerns over the transitory nature of price pressures. 
• Fitch Solutions believe that inflation will start easing towards central bank target levels in H222, although this is a slower pace of deceleration than they initially expected. 
• Emerging markets have been hiking for several months as inflation has remained elevated, particularly in Latin America. Fitch expects that developed markets will start hiking in 2022; however it believes that rates will be less hawkish than what the market is pricing in.

(Source: Fitch Solutions)

• The VM Investments Limited (VMIL) has entered into a definitive agreement with Republic Bank (Barbados) Limited (RBBL) to acquire 100% of the issued and authorized common shares in Republic Funds (Barbados) Incorporated (RFI). RFI is the owner and operator of the Republic Bank Barbados family of Mutual Funds, comprising Republic Property Fund, Republic Income Fund and Republic Capital Growth Fund. The transaction completion is, however, subject to the approval of regulators in both Barbados and Jamaica. 
• Rezworth Burchenson, CEO of VMIL has said that VMIL is in an unprecedented growth mode, and that the company would continue to be keen on strategically expanding its footprint throughout the region. The acquisition of RFI is aligned with its robust strategic plan for the business. 
• RBBL, in a strategic decision, has chosen to concentrate on its core business of commercial banking. The management of mutual funds in Barbados no longer fits into the bank’s core business strategy. 
• While awaiting regulatory approval in Barbados and Jamaica, RBBL will continue to be the owner of RFI and until the acquisition process is completed, RBBL will also remain the manager of the respective mutual funds. The required regulatory approval process is expected to be completed within approximately six to nine months but could be extended depending on various factors. 
• This acquisition will allow VMIL to expand its reach, regional footprint, and facilitate revenue diversification. It should result in stronger revenue and greater profitability for the company.

(Source: VMIL & NCBCM Research)