Fitch Solutions believe the successful implementation of Barbados’ IMF programme will reinforce Prime Minister Mia Mottley’s administration.
Mottley’s popularity, as well as the Barbados Labour Party’s supermajority in the House of Assembly, will allow the Prime Minister to pursue more long-term goals in both environmental and foreign policy.
Nonetheless, fiscal austerity and a sharp increase in Barbados’ violent crime rate pose downside risks to Mottley’s popularity and ability to implement the programme.
Global oil benchmark Brent crude rose 1% to near $65 a barrel on Tuesday, snapping four straight days of declines on easing Mideast tensions as the United States and China, the world’s top energy consumers, prepared to sign a preliminary trade deal.
The outlook for oil demand was supported ahead of the signing at the White House on Wednesday of a Phase 1 U.S.-China trade deal, which marks a major step in ending a dispute that has cut global growth and dented demand for oil.
China has pledged to buy more than $50 billion in energy supplies from the United States over the next two years, according to a source briefed on a trade deal.
The U.S.-Chinese trade war had a tangible impact on global oil demand growth last year, which reached 890,000 barrels per day compared with initial forecasts of 1.5 million bpd, Tamas Varga, an analyst at PVM brokerage said in a note.
U.S consumer prices rose slightly in December and monthly underlying inflation pressures retreated, which could allow the Federal Reserve to keep interest rates unchanged at least through this year.
The Labor Department said on Tuesday its consumer price index increased 0.2% last month after climbing 0.3% in November. The monthly increase in the CPI has been slowing since jumping 0.4% in October. In the 12 months through December, the CPI rose 2.3% after gaining 2.1% in the 12 months through November.
Excluding the volatile food and energy components, the CPI edged up 0.1% after gaining 0.2% in November. The so-called core CPI was up by an unrounded 0.1133% last month compared to 0.2298% in November.
Underlying inflation in December was held back by declines in the costs of used cars and trucks, airline tickets and household furnishing and operations, which offset increases in the prices of healthcare, apparel, new motor vehicles, recreation, and motor vehicle insurance.
Tourism Minister, Hon. Edmund Bartlett, says complimentary coffee tasting for visitors arriving at Jamaica’s cruise ship ports will commence on Friday (January 10), when the Norwegian Bliss docks in Ocho Rios, St. Ann.
“So visitors can look forward to coming to Jamaica, at whatever time we designate it [the festival] in the year. We can package it, pre-sell and tie the festival with hotel rooms and air seats, and create a product that can be marketed throughout the world,” he added.
Globally, coffee is the second largest commodity traded, with exports, mainly from developing countries, totalling US$20 billion annually, and a net worth of US$100 billion.
Economic activity in Brazil is expected to accelerate modestly over the coming quarters.
Consumption and investment will drive growth, underpinned by historically low interest rates and strengthening sentiment among consumers and businesses.
Fitch has revised its real GDP growth forecast to 2.3% in 2020, from 2.0% previously.
Puerto Rico's top energy executive on Thursday warned that the U.S territory's largest power plant could remain off line for up to a year because of earthquake damage
Two days after being hit by Puerto Rico's most powerful earthquake in more than a century, only half of the Caribbean island had power restored
Puerto Rico is going through a wrenching bankruptcy process to restructure about $120 billion of debt and pension obligations, and it was roiled by political instability in August when former Governor Ricardo Rossello resigned following massive street protests.
U.S job growth likely slowed in December, but the pace of hiring probably remains more than enough to keep the longest economic expansion in history on track despite a deepening downturn in a manufacturing sector stung by trade disputes.
The Labor Department’s closely watched monthly employment report on Friday could buttress the Federal Reserve’s assessment that both the economy and monetary policy are in a “good place.”
Worries that a downturn might be triggered by the Trump administration’s trade war with China spurred the Fed to cut interest rates three times in 2019. Indeed economic growth did slow last year, throttling back to 2.1% in the third quarter from 2018’s pace of nearly 3%.
Now, though, with a Phase 1 deal with China set to be signed next week, policymakers are more confident in the outlook and last month signaled borrowing costs could remain unchanged at least through this year. Economists are pegging growth at the end of last year around a 2.3% rate.
Bank of England policymaker Silvana Tenreyro said she would be inclined to back an interest rate cut in the coming months if growth does not pick up, adding to suggestions that the central bank is edging towards pumping more stimulus into the economy.
Governor Mark Carney, who steps down in March, surprised markets on Thursday by saying from a “risk management” perspective there could be a case for cutting rates if the economic weakness seen in late 2019 persists into 2020.
Tenreyro sounded a similar note on Friday, saying the economy was more likely to undershoot than overshoot the BoE’s last forecast from November, the latest version of which will be published alongside the BoE’s next rate decision on Jan. 30.
Prime Minister, the Most Hon. Andrew Holness has urged the heads of agencies under the Ministry of Economic Growth and Job Creation to focus on developing fresh, innovative projects guaranteed to generate higher levels of sustainable inclusive economic growth for Jamaica.
“We need to now start thinking of game-changing innovative and large projects. Let’s look at projects that could solve our water problem, our energy problem and our transportation problems at the same time,” he suggested.
The Prime Minister was addressing a meeting of heads of agencies with responsibility for the Ministry’s water, housing and infrastructure portfolios, at The Knutsford Court Hotel in New Kingston on Wednesday (January 8).
Director of Tourism, Donovan White, says Jamaica will be targeting new markets for 2020
Speaking in an interview with JIS News, Mr. White said the focus will be placed on the Asian market, notably India, Japan, and China.
“The Indian market is huge and we believe that our newly crowned Miss World –Toni-Ann Singh – can play a major role in this regard. We will be using all the assets at our disposal, and as I said… we have a very strong hand going into these markets,” he stated.
White said that connectivity will also be very important, noting that Jamaica has been having an excellent run with some of the major airlines in the world.
