Slow economic growth in the Caribbean this year
- NCB Chief Executive
The Chief Executive Officer of NCB Capital Markets, Jamaica, Angus Young is predicting “slow 2024 economic growth in the Caribbean” this year, a likely circumstance which he attributes to various factors “such as struggling external demands, booming oil sectors, and historically low unemployment” according to a release from the entity. Mr. Young’s forecast came during his address to the 19th annual conference of the Jamaican Stock Exchange (JSE) held recently at The Jamaica Pegasus Hotel in Kingston.
The NCB chief executive reportedly told his audience that “despite expectations from a slowdown from the global economy, territories within the region are expected to grow, albeit at a slower pace.” This growth, he reportedly predicted, “will push their economies above their 2019 pre pandemic levels.” In his address, Young said that the likely slow economic growth in the region in 2024 could be “due to various factors such as struggling external demands, booming oil sectors, and historically low unemployment.”
In contrast to his prediction for most of the rest of the region, Young projects that “Jamaica is still projected to grow, boosted by strong external demands as well as higher expected government spending and easing of inflation growth in the economy”, factors which he said “should support crude corporate earnings albeit at a slower pace than in 2023.” Young’s predictions are reportedly supported by the Jamaica Chamber of Commerce Busi-ness Confidence Survey results from 2023, “which shows that the majority of local firms indicated that they anticipate favourable returns on their investments” with some 53 per cent of them believing “that now is a good time to invest though business confidence is slightly down.”
Young reportedly told his audience that such economic apathy as might obtain can be blamed on heightened geopolitical tensions globally as well as the effects of climate change. NCB Capital Markets Ltd. is one of the largest stock brokers in Jamaica having built its reputation on a legacy deriving from its provision as a full service wealth advisory and asset management firm.
TT leads the Caribbean as fourth most globally compliant country in energy industry standards
The energy sector in Caribbean Community (CARICOM) member country, Trinidad and Tobago, would appear to be gushing with pride having recently been declared in the 2023 Extractive Sectors report as the fourth most transparent globally, a sector which, over the years, has been known for its proclivity for a lack of transparency and corrupt practices. The rating was derived from an assessment of the Trinidad and Tobago energy sector “to gauge how well the country implements the EITI Standard,” a report in the Tuesday January 23 issue of the Trinidad and Tobago newspaper, Newsday, says. “TT attained a score of 89 out of 100 for meeting the Standard requirements,” the report added.
That tally was, reportedly, the highest score in Latin America and the Caribbean and fourth highest globally. The Newsday Report adds that “in a list of key takeaways, the report was upbeat about the local energy sector’s earnings and accountability.” Globally, the EITI seeks to promote transparency and accountability in the oil, gas and mining sectors where dozens of countries around the world implement the EITI Standard through which they publish “timely and comprehensive information” on the extractive industries. The EITI’s disclosures include data on revenue flows, licenses and contracts, company ownership, and social and environmental impacts.