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Economic growth in the Eastern Caribbean Currency Union (ECCU) is predicted to show marginal improvement in 2011 amid projections of a two per cent contraction last year, according to the Eastern Caribbean Central Bank (ECCB).In a report on the Balance of Payments Statistics for 2010, the ECCB said that economic growth in the ECCU declined by 7.3 per cent in 2009, following marginal growth of 1.9 per cent the previous year due mainly to the downturn in the global economy.
General Manager of the Jamaica Stock Exchange Marlene Street-Forrest says "Everything is now in place."
With this system, investors across the three territories will be able to buy and sell equities directly, instead of going through a home territory broker as previously obtained, and settle the transactions through a bank of their choice.
The Bermuda tourism industry has recorded a $9 million loss in 2009. That''s according to a report released by the Department of Statistics.
The report states "in 2009, the tourism industry's share of total GDP (gross domestic product) stood at four percent, which is slightly less than the 4.5 percent share held in 2008.”The report added that approximately 90 percent of the money made within the industry was used to pay wages and salaries and the industry's “losses amounted to $9 million”.
The Inter-American Development Bank (IDB) approved a record number of 170 projects in 2010 totaling an estimated $12.9 Billion, as the entity continues to boost its efforts to help the Caribbean and Latin American combat poverty and inequality, and promote sustainable growth.According to a release, this is up from 165 projects totaling $15.9 billion in 2009, when the IDB expanded its lending in the face of the global financial crisis.
PORT OF SPAIN, Trinidad
Governor of the Central Bank of Trinidad and Tobago, Ewart Williams, has warned of a lack of confidence in the local economy.Williams has also warned that the financial problems surrounding the troubled Colonial life Insurance Company (CLICO) would also affect the local economy and is urging the seven-month-old Kamla Persad Bissessar government to “come up with a plausible solution because we all stand to lose”.