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In The Hands of Politicians: Scotiabank Economics Global Outlook

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#Toronto, ON – April 13, 2019 – CanadaIGlobal growth is slowing as the economy works through a soft patch. Early signs suggest the worst of the slowdown might be behind us. The expansion is in a delicate situation. Investors are nervous and maintaining confidence is key to a continued expansion. The global economy is particularly vulnerable to policy missteps, notably President Trump’s continued threats to disrupt US trade flows.

“While we continue to think the soft patch we are going through will be temporary, the global economy remains in a delicate position,” said Jean-François Perrault, Senior Vice President and Chief Economist at Scotiabank. “At this point in the cycle, confidence is key to sustaining the expansion, and Trump’s misguided efforts to make America great risk achieving the opposite.”

Highlights of Scotiabank’s Global Outlook include:

·       Canada: Above-potential growth to resume in Q2 as the factors contributing to the soft patch in Q4 2018 and Q1 2019 are reversing.Growth is expected to slow modestly to 1.6% during 2019 before rising to 2.1% in 2020.

·       United States: A gradual US GDP growth slowdown (2.9%/2.4%/1.9% in 2018/19/20) is expected on the back of the waning boost from fiscal stimulus.

·       United Kingdom: While we expect that the UK and the EU will avoid a hard Brexit, we forecast that economic growth in Britain will remain sluggish in the near-term amid lingering geopolitical uncertainty and as the economy adjusts to a post-Brexit world.

·       Eurozone: Real GDP growth will slow in 2019 owing to global trade and geopolitical uncertainty as well as certain transitory factors impacting the European industrial sector. Domestic demand in the euro bloc should, however, remain resilient despite external headwinds.

·       Mexico: heightened uncertainty is leading to slower growth, with GDP expected to rise by 1.4% in 2019.

·       China: A gradual deceleration is underway, but recent policy measures to raise demand are starting to bear fruit.

·       Commodities: Healthy global  economic  growth  provides  a  solid  demand  backdrop  for commodities  through  2020,  allowing  fundamentals  to  reassert commodity-specific  price  paths  over  the  coming  years

Read Scotiabank’s Global Outlook online here.

Scotiabank provides clients with in-depth research into the factors shaping the outlook for Canada and the global economy, including macroeconomic developments, currency and capital market trends, commodity and industry performance, as well as monetary, fiscal and public policy issues. Follow this research on Twitter at @ScotiaEconomics.

Press Release: Scotiabank

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Caribbean News

PM INVITES INDIAN INVESTORS TO EXPLORE OPPORTUNITIES IN JAMAICA

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KINGSTON, October 8 (JIS): Prime Minister, Dr. the Most Hon. Andrew Holness, has invited Indian investors to explore business opportunities in Jamaica.

He cited prospects for innovative business investment in tourism, infrastructure development, renewable energy, animation, medical tourism and health.

He noted that, with the island’s extensive harbour and port systems, “We are the gateway for Indian innovation in the Americas.  I think the time is right for a trade and business delegation from India to visit Jamaica. I mentioned this to Prime Minister [Shri Narendra] Modi and he welcomed the possibilities of such a trade delegation.”

The Prime Minister was addressing a dinner reception on Tuesday (October 1), during his working visit to India.

He said that his trip is intended to herald a new era of Jamaica-India friendship and partnership.

Dr. Holness said that Jamaica is looking forward to working with the Confederation of India Industry (CII) to explore areas of cooperation.

Of special interest, he noted, is working with Indian companies on joint research projects and technology transfer “to enhance Jamaica’s research and development landscape, particularly in the areas of biotechnology, as well as products and drug development, using Jamaica’s natural resources”.

“We also want to welcome Indian companies providing software development and maintenance, cybersecurity, back-office, finance and accounting services,” he added.

Based in New Delhi, CII is a non-governmental trade association and advocacy group that represents the interests of Indian businesses in various sectors, chiefly engineeringmanufacturing, consulting, and services.

The organisation works to create and sustain an environment conducive to the development of India.

 

CONTACT: SIMONE HYLTON

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Caribbean News

OLD HARBOUR HIGH SCHOOL RECEIVES BUS FROM JAPAN

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KINGSTON, October 8 (JIS): Some students at Old Harbour High School in St. Catherine, now have reliable transport after the institution received a 29-seater bus, donated by the Japanese Government.

The vehicle, valued at more than $11 million, will cater mostly to students who travel long distances, filling a gap for safe, reliable, and efficient transportation.

It will also be used to transport students on field trips, sporting events and other activities.

Speaking at the handover of the bus at the school on October 4, Minister of Education and Youth, Hon. Fayval Williams, lauded the Government of Japan for providing the funds through the Grant Assistance for Grassroots Human Security project (GGP), to purchase the bus.

Mrs. Williams said that special thanks must be given to the people of the donor country as “we continue to deepen the partnership with Japan”,  adding that the GGP project “has played a vital role in the development of our schools”.

Meanwhile, Ambassador of Japan to Jamaica, His Excellency Yasuhiro Atsumi said his country “stands together with Jamaica to strengthen the education system, so that all students can pursue their education and lifelong skills training opportunities”.

For her part, Custos of St. Catherine, Hon. Icylin M. Golding, who is also Chairman of the school, told her audience that the bus will enable the students to reach school much easier, and to “participate in more sporting events”.

Principal of the institution, Lynton Weir, said the students will reach school and return to their homes on time, with the acquisition of the bus.

He added that this will also result in reduced cost for parents who used to pay the public transport operators.

For Executive Director of the National Education Trust (NET), Latoya Harris Ghartey, getting the Japanese to fund the acquisition of the vehicle shows the strength of partnerships.

“It also stands as a testament to the deep-rooted commitment we have in providing our children with the tools they need to excel,” she said.

Student at the school, Ashanti Jones, said the “life-changing donation and invaluable gift will aid in students not missing classes due to unreliable transportation”.

Another student, Dormel Hamilton, said the students will have a safe and reliable vehicle in which to travel to school, and appealed to motorists to take care on the roads.

 

CONTACT: GARFIELD L. ANGUS

RELEASE: JIS

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Caribbean News

Sanovnik Destang Elected New President of the Caribbean Hotel and Tourism Association (CHTA)

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Bay Gardens Resorts Executive Director to Lead Organization for Next Two Years

 

Sanovnik Destang, a respected hotelier from St. Lucia and Executive Director of Bay Gardens Resorts, has been elected as the new President of the Caribbean Hotel and Tourism Association (CHTA). His appointment was confirmed at CHTA’s Annual General Meeting (AGM) last week, succeeding outgoing President Nicola Madden-Greig. Destang will serve a two-year term, leading alongside a newly elected slate of executive officers.

Destang brings extensive leadership and hospitality experience to his new role, having served as a key figure in the growth of Bay Gardens Resorts in St. Lucia. His commitment to CHTA began in 2012, and he is ready to lead the organization into a new chapter, focusing on people and technology as well as creating stronger linkages with other sectors of the Caribbean economy.

Destang expressed gratitude to his predecessors and emphasized the importance of collaborative leadership: “Thank you all once again for putting your faith in me and my generation. Being CHTA’s first president born in the 1980s, I fully understand the responsibility ahead of me. I’m ready to lead, but, more importantly, I’m ready to serve. My focus areas will be people, technology and linkages to other sectors of our economies and communities. This strengthened advocacy is aimed at attracting more members to our association, bolstering ourcollective voice and impact.”

Reflecting on her tenure, Madden-Greig highlighted CHTA’s achievements during a challenging period. She praised the resilience of the Caribbean region as it emerged as the fastest-recovering tourism market in the world post-COVID-19. Under her leadership, CHTA along with regional and international stakeholders helped implement and promote recovery measures and initiatives, including Caribbean entry portals and the Caribbean Public Health Agency’s (CARPHA) Healthier Safer Tourism program.

“The past three years, taking over at the height of the COVID-19 pandemic, were both challenging and very rewarding,” said Madden-Greig. “Nothing has given me more joy than having headed the hard-working team that led the Caribbean to be the fastest recovering region in the world, coming out of a once-in-a-century pandemic,” she added.

The newly elected CHTA Officers will work closely with Destang over the next two years, along with CHTA Regional VPs, Committee Chairs, and other Executive Committee Members, who will be announced shortly.

The officers include:

  • 1st Vice President: Karen Whitt, The Hartling Group, Turks & Caicos
  • 2nd Vice President: Craig Marshall, Blue Diamond Resorts, Antigua & Barbuda
  • 3rd Vice President: Clifton Reader, Palace Resorts, Jamaica
  • 4th Vice President: Kendra Hopkin Stewart, Blue Horizons Garden Resort, Grenada
  • 5th Vice President: Bill Clegg, BW Hotels, At-Large
  • Treasurer: Jim Hepple, Tourism Analytics, Aruba

CHTA, as the voice of Caribbean hospitality and tourism, will build on the strong foundation laid by Madden-Greig. Destang’s leadership will advance growth through innovation, people-centered initiatives, and stronger linkages with key sectors, keeping the Caribbean at the forefront of global tourism.

Supported by a team of regional leaders, Destang will drive new initiatives that propel the industry and CHTA members to greater heights.

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