Caribbean News
Economy Doing Well says BOJ Governor
#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
Castries, March 2025. Saint Lucia has reaffirmed its commitment to ensuring human rights for all.
This was the collective assertion, as over 20 national stakeholders participated in a two-day national Human Rights workshop. This initiative was hosted by the Office of the High Commissioner for Human Rights’ (OHCHR) Regional Caribbean office, in collaboration with the UN Resident Coordinator’s satellite office in Saint Lucia, and the Ministry of External Affairs, International Trade, Civil Aviation, and Diaspora Affairs. 
The workshop, was designed to enhance awareness of the International Human Rights System, including treaty bodies and human rights mechanisms; build capacity of government officials and civil society members in data gathering and human rights reporting; and to highlight the role that respective agencies and their constituents play within this system. The Ministry of External Affairs, International Trade, Civil Aviation and Diaspora Affairs is the focal agency for Human Rights in Saint Lucia.
In welcoming participants, Permanent Secretary of the Ministry of External Affairs Ms. Janelle Modeste-Stephen, noted that advancing human rights was a shared responsibility. “Government must enact policies and safeguard rights. Civil society must continue to advocate and mobilize. The private sector must embrace inclusive practices. Communities must challenge discrimination and uphold the dignity of every individual,” She urged stakeholders to use the workshop as an opportunity to learn, collaborate and commit to concrete action that will make human rights a lived reality for all in Saint Lucia. “Together, we can build a society, where justice, equality and inclusion are not just aspirations but everyday realities”, she stated.
A key objective of the workshop was to reactivate and strengthen the capacity of Saint Lucia’s National Coordinating Committee for Human Rights, which was established by the Cabinet of Ministers in 2019. The Ministry of External Affairs serves as the Chair and Secretariat of the Committee, which comprises representatives from various government ministries. The committee is responsible for analyzing the human rights situation at the national level and collaborates to report on recommendations aligned with Saint Lucai’s national priorities. The active
functioning of the National Coordinating Committee for Human Rights is crucial for promoting and protecting human rights.
Reflecting on the utility of the workshop, Ms. Bynta Ernest, the representative from the Department of Gender Affairs on the National Human Rights Committee noted that the session was essential to the Committee’s revitalization and to demonstrating its importance in advancing human rights in Saint Lucia. “The practical sessions towards reporting on the recommendations from the last Universal periodic Review (UPR) were also very useful to kick-start the process towards meeting our October 2025 UPR reporting deadline,” she added.
In fulfillment of Saint Lucia’s human rights related reporting obligations and deadlines, workshop participants prepared a draft plan of action to devise next steps to advance Saint Lucia’s human rights agenda.
The workshop was held at the Harbor Club Hotel, from March 5-6, 2025. Participants included representatives from departments of External Affairs, Health, Education, Labor, Justice, Human Services, Gender Affairs, Immigration, Equity, Economic Development, the National Statistical Office, the Parliamentary Commissioner’s Office, the Royal Saint Lucia Police Force, the Attorney General’s Office, and the National Council of and for Persons with Disabilities.
Photo Captions:
1st insert: Janelle Modeste-Stephen, Permanent Secretary in the Ministry of External Affairs
2nd insert: Bynta Ernest, Gender Affairs
Kingston, Jamaica, March 10, 2025 – The Government has significantly increased investments in healthcare and should another crisis like the COVID-19 pandemic hit the island, the country will be better equipped to deal with it, according to Prime Minister, Dr. the Most Hon. Andrew Holness.
Speaking at the unveiling of a monument in honour of healthcare workers who died while tackling the COVID-19 pandemic, today (March 10), at the National Chest Hospital in St. Andrew, the Prime Minister said out of a commitment to strengthen the healthcare system and to strengthen the healthcare workforce, the Government instituted the Dr. Barry Wint Memorial Scholarship in 2024.
“We are investing $2.5 billion to support 607 students pursuing studies in medical technology, nursing, biomedical engineering, and other critical health-related fields,” he said, adding that the fund is ensuring the building of a robust pipeline of professionals “dedicated to service in the health sector.
“This is a solid commitment of how the Government is dealing with building resilience in the system, supporting our professionals, and at the same time ensuring that we can deliver healthcare with care,” the Prime Minister said.
He noted that while July has been earmarked to recognise the “selfless contribution of those who carried us through the crisis, more needs to be done”.
“Our appreciation cannot be confined to a single month or a single event. It must be reflected in how we value and support our healthcare professionals every single day. To the families of the fallen, I know that no words can fill the space left, especially for your loved ones,” Dr.
Holness said.
The Prime Minister underscored that the legacies of the healthcare workers live on in the patients they treated, the lives they touched, and now in the monument that has been erected.
“Let us commit to a Jamaica where those who dedicate their lives to caring for others are themselves cared for. Let us also commit to upholding the values these healthcare workers have embodied – care, compassion, resilience and unity. In their action and sacrifice, they made a choice,” the Prime Minister said.
March 10 marks the fifth anniversary since the first case of COVID-19 was identified in the country, and the fourth year since the start of the recovery with the administration of vaccines.
Contact: Garfield L. Angus
Release: JIS
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