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Economy Doing Well says BOJ Governor

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#Jamaica, May 27, 2022 – Bank of Jamaica (BOJ) Governor, Richard Byles, says the economy has been “doing well”, largely based on the latest growth and employment out-turns.

Speaking during the BOJ’s digital quarterly media briefing on Tuesday (May 24), Mr. Byles referenced data from the Statistical Institute of Jamaica (STATIN), showing that the economy grew by 6.7 per cent during the October to December 2021 quarter.

He said this out-turn was indicative of improving economic activity, noting that the level of growth recorded during the period was faster than that for July to September 2021.

“For the year 2021/22, the Bank expects real GDP (gross domestic product) growth to be in the range of seven to 10 per cent,” the Governor said.

Mr. Byles further indicated that growth in 2022/23 is projected to be in the range of two to four per cent.

“The Bank expects that this GDP growth will continue to be driven by the services industry, particularly tourism. The forecast also assumes that production at one of Jamaica’s main alumina plants [JAMALCO], which had been temporarily closed, will resume by June 2022,” he said.

Mr. Byles highlighted the fall in the unemployment rate to a historic low of 6.2 per cent, based on STATIN’s January 2022 labour force survey, as “an exceptional performance, by any measure”.

He noted, however, that the economy “is not yet out of the woods”, citing the impact of the Ukraine-Russia conflict and the emergence of a firth wave of the coronavirus (COVID-19) pandemic.

He pointed out that conflict “has fueled further significant increases in international commodity prices and has contributed to a substantial rise in global and domestic inflation”.

With inflation tracking above the upper end of the Bank’s four to six per cent target, Mr. Byles said the BOJ is cautiously optimistic that there could be some respite in sight, “provided that geopolitical tensions [between Ukraine and Russia] do not escalate”.

The rate of inflation for the 12-month period ending April 2022 was 11.8 per cent.

The Governor noted that while already high international commodity prices are expected to increase further over the next few months, the global consensus forecast is for a fall during the second half of 2022, influencing a decline in inflation among the country’s trading partners.

“Jamaica’s inflation is expected to follow a similar pattern, rising in May and June, but falling in the second half of the year. After carefully considering all the risks around this outlook, it is our view that the Bank of Jamaica should continue its programme of monetary tightening until we have seen the projected turn in inflation materialise,” he noted.

The Bank’s Monetary Policy Committee voted earlier this month to increase the policy rate by a further 50 basis points, to five per cent, effective May 20, 2022.

Mr. Byles said this decision was based on the BOJ’s forecast for further increases in inflation over the next two months, before the rate begins to decline.

“This forecast is, however, conditional on our assumption that tensions between Russia and Ukraine do not escalate and inflation among Jamaica’s trading partners fall,” he added.

Mr. Byles said the Bank anticipates that these measures will continue to cause interest rates on deposits and loans to rise further, “making savings in Jamaican dollars more attractive, relative to foreign currency assets, and borrowing in Jamaican dollars more expensive”.

“In turn, these measures will help to reduce the demand for foreign currency, leading to continued stability in the exchange rate, and will reduce demand in the economy, limiting the ability of businesses to pass on price increases to consumers,” he pointed out.

 

Release: JIS

Contact: Douglas McIntosh

 

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Earth Day 2024: Planet vs Plastics – A Call to Action for Reducing Plastic Waste

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As Earth Day approaches on April 22nd, the DECR is rallying the community to join the global movement towards reducing plastic waste and safeguarding our planet’s future.

Plastic pollution remains one of the most pressing environmental challenges of our time, threatening the health of our oceans, wildlife, and ecosystems. With an estimated 8 million tons of plastic entering our oceans every year, the need for action has never been more urgent.

This Earth Day, the DECR urges you to take meaningful steps towards reducing plastic consumption and waste. From single-use plastics like straws and bags to microplastics that infiltrate our ocean and food chain, every piece of plastic avoided makes a difference.

By embracing reusable alternatives, recycling responsibly, and advocating for policies that prioritize sustainability, we can all play a role in mitigating the plastic crisis. Together, we can create a cleaner, healthier planet for future generations.

Join us this Earth Day in committing to reduce plastic waste and protect our precious environment. Together, we can make a difference.

Tune into the DECR’s social media by following us on Instagram @DECR_TCI or on Facebook at DECR Environmental Education & Outreach Group.

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Senior Teacher Endorses Robot to Assist in Educating Infant and Primary School Students

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KINGSTON, April 17 (JIS):
Senior Teacher at Alpha Infant School, Sabrina Raymond-Hunter, has endorsed the ‘ICHEETAH’ robot, a smart educational AI-powered tool that will advance the way young children learn and interact with technology.
The robot, developed by CHEETAH Toys and More, LLC, is designed to engage and educate children at the infant and early-primary levels of education in a fun and interactive manner, supporting their cognitive development and preparing them for future academic success.
Speaking at a Jamaica Information Service (JIS) Think Tank on April 16, Mrs. Raymond-Hunter recognised the potential of this cutting-edge technology and its ability to enhance the learning experience for young children.
“I am really excited about this product. I was able to get this into my classroom of 23 students and they are super excited about this. We have had it for three weeks and this is a game changer,” she said.
The Senior Teacher, who also serves as the school’s Information and Communications Technology (ICT) Designate, added that the students’ learning has been enhanced since incorporating the technology into her teaching.
“It has enhanced it a lot because you know the boys, especially, once they are happy and find something that is fun, they will want to do it. My boys started off a little bit rocky, but since they got this robot, they are spelling, identifying words and reading,” she noted.
Having yielded positive results from utilising the technology, Mrs. Raymond-Hunter is encouraging other schools who are not yet on board to do so.
“I’m encouraging all the other schools to get on board, and if for any reason you need a demonstration, come to Alpha. I’ll show you exactly how we use it to get our students on board and on level with everyone else. Learning should be fun, and with iCHEETAH it definitely is,” she shared.
The robot is outfitted with several interactive features, including voice recognition, games, and educational content, making learning engaging and exciting for young learners.
CONTACT: SHERIKA HALL

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AN EASTERN CARIBBEAN GEM IS UNEARTHED  

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~SANDALS® RESORTS OPENS ITS 18TH RESORT IN SAINT VINCENT AND THE GRENADINES~

 

April 17, 2024, Montego Bay, Jamaica –  In an intimate ribbon cutting ceremony commemorating Sandals Resorts’ entry into the largely undiscovered destination of Saint Vincent and the Grenadines, the only Caribbean born superbrand welcomed its first guests to a nature-forward experience brimming with island inspiration and stirring ‘Sandals Firsts’.

Witnessed by government officials, Sandals executives, guests and resort team members, an emerald green ribbon, representative of the island’s flag and lush surroundings, was cut signaling the official opening of Sandals Saint Vincent and the Grenadines.

Executive Chairman of Sandals Resorts International Adam Stewart, spoke on what the opening of the hotel chain’s 18th resort meant for the brand, the island and the Caribbean at large. “This is a multi-generational act in the making that began with my extraordinary father Gordon ‘Butch’ Stewart and Prime Minister Gonsalves many years ago. They flirted heavily about flying the Vincy flag not only here but in all the other islands across the Caribbean that Sandals has its operations. Little did we know that 43 years later the Sandals brand would grow from one 99-room hotel in Montego Bay to a top 500 brand known on the world stage as a super brand. The only Caribbean born commercial super brand known across the United States, Europe and Canada with over 84% brand penetration and recognition,” he shared.

He expounded further on what he dubbed the Sandals Effect, a confluence of things that happen when Sandals comes to town.  “First and foremost, we market the destination, both St. Vincent and the Grenadines. The landscape that makes up this incredible archipelago will benefit. Directly and indirectly for linkages, tour operators, taxi operators, restaurateurs, musicians, farmers, fishers, entrepreneurs, hardware store operators, the entire ecosystem and connectivity we plan to make sure that the entire world knows.”

With Sandals’ expansion to the island, airlift has increased exponentially with more availability on the horizon.  According to Adam Stewart, numerous airlines have adjusted their schedules in anticipation for the demand. “American Airlines used to fly twice per week to and from the Argyle Airport, since April the airline has increase to four times per week and is expected to have daily flights by the end of 2024. Air Canada and Virgin have increased their airlift with JetBlue and United Airlines now flying to the island for the first time.  Nationals and visitors will have the opportunity to fly more conveniently and we will continue to grow. ,” expressed Stewart.

The resort, in May 2024, is expected to host some 300 top travel advisors from around the world, the largest contingent of international travel professionals to ever visit Saint Vincent and the Grenadines.

Dr. The Honourable, Ralph Gonsalves, Prime Minister of Saint Vincent and the Grenadines, in his main address added further credence to the impact Sandals has on his country and the CARICOM community. “During COVID, unemployment went up, there was a decline in economic activity in the region. At the time we also had volcanic eruptions, Sandals came to us with a proposal to recruit Vincentians and send them to their resorts across the Caribbean to be trained. We had to evacuate 20,000 persons with some in shelters for four to six months. Along came a friend in Sandals who said they could ease some of the pressure providing opportunities for 500 people and these little things talk to me about partnership. This might have been small for Sandals but it was a huge thing for us in the condition in which we found ourselves and I want to thank Sandals and Adam.”

“It is an understatement really to call Sandals a brand. It has become an existential part of our Caribbean civilization. This civilization is tailor-made for tourism and Butch Stewart has helped to shape this aspect of the material to help sustain us. I think that when the history of the 20th into the 21st century is written, there would be a towering place for this legend,” The Hon. Gonsalves continued.

In honour of the late Gordon ‘Butch’ Stewart, Prime Gonsalves in opining that the relationship he enjoyed with the late founder made him “one of us” shared a remarkable plan to celebrate his memory and contributions to tourism and economic development in the region. “The government of Saint Vincent and the Grenadines had indicated to Sandals that we will build the road coming to the entrance of the hotel. Having built it, we will call it the Gordon ‘Butch’ Stewart Boulevard,” the Prime Minister announced proudly to stirring applause from the audience.

Sandals Saint Vincent and the Grenadines offers 301 rooms and suites across 50 lush-laden acres, authentically embracing its Saint Vincent location with an experience that is as thoughtful as it is meticulously local.

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