Carib Scope

分类： business

  • Economy ‘to grow again’ in 2026 despite external risks, says Central Bank governor

    Economy ‘to grow again’ in 2026 despite external risks, says Central Bank governor

    The Central Bank of Barbados has forecasted sustained economic expansion for the nation through 2026, projecting growth between 2.5% and 3.0% despite emerging global challenges. Governor Dr. Kevin Greenidge announced these projections during a Wednesday briefing at the bank’s headquarters, indicating this would mark the country’s fifth consecutive year of economic improvement following a 2.7% expansion in 2025.

    The growth trajectory is primarily driven by robust performance across multiple sectors including tourism, business services, and construction activities in both private and public domains. Inflation is expected to remain moderate, with projections indicating a moving average rate closer to 1% for 2026, gradually settling around 2-2.5% in the medium term.

    Governor Greenidge highlighted several favorable factors including declining global commodity prices, particularly energy costs, which should help mitigate imported inflation pressures. However, he noted that strong domestic demand for certain services could exert upward pressure on prices.

    Fiscal indicators continue to show improvement with debt levels expected to maintain a downward trajectory through economic expansion and rising primary surpluses. The governor confirmed the country remains on track to achieve its debt-to-GDP target of 60% by fiscal year 2035-36, a key anchor of the Barbados Economic Recovery and Transformation (BERT) program initiated in 2018.

    Despite the positive outlook, Dr. Greenidge identified several risk factors including potential slowdowns in major markets like the United States that could reduce tourism demand. He also cited heightened global political tensions, particularly in oil-producing regions, which could trigger inflationary pressures through oil price spikes. Additional concerns include rising shipping costs due to global uncertainty and climate-related impacts on domestic food production.

    Conversely, the governor noted potential upside opportunities including stronger-than-expected tourism performance, accelerated infrastructure projects such as the imminent Bim Pay digital payments system, housing developments, and renewable energy initiatives that could further boost economic prospects.

  • Central Bank hails lower debt, falling inflation, stronger fiscal balance

    Central Bank hails lower debt, falling inflation, stronger fiscal balance

    The Central Bank of Barbados has announced a fourth consecutive year of robust economic expansion for the nation in 2025, with GDP growth reaching 2.7%. This sustained growth was primarily propelled by an unprecedented surge in tourism, which catalyzed widespread gains across multiple sectors of the economy.

    Central Bank Governor Dr. Kevin Greenidge, presenting the annual economic review at the bank’s Bridgetown headquarters, highlighted a simultaneous improvement in key macroeconomic indicators. Inflationary pressures continued to moderate throughout the year, with the average inflation rate declining by 0.7%. The labor market also showed significant strength, as the unemployment rate dropped to 6.6%, down from 7.1% recorded at the end of the previous September.

    On fiscal stability, the government achieved a primary surplus equivalent to 3.3% of GDP, while successfully reducing the national debt-to-GDP ratio to 94.6%. The financial sector demonstrated resilience with credit expansion growing from $9 billion to $9.4 billion. Commercial banks notably improved their asset quality, reducing non-performing loans to 3.6%—the lowest level witnessed since June 2009. International reserves remained robust at approximately $3 billion, despite a widening current account deficit driven by increased imports and softer export performance.

    The tourism sector emerged as the undeniable powerhouse behind the economic performance. Long-stay arrivals soared by 3.3% to exceed 727,000 visitors, setting an all-time annual record. This influx was dominated by the U.S. market, which expanded dramatically by 8.1% and accounted for roughly 80% of the additional visitors. Enhanced air connectivity from cities including Boston, New York, Philadelphia, and Atlanta was a critical driver. The CARICOM market also contributed significantly with a 6.1% growth, bolstered by increased flight capacity.

    Strategic marketing initiatives yielded positive results from Canada, which saw a 3.5% increase in arrivals, and also supported growth from European markets. A notable exception was the UK market, where arrivals declined by 5.9%, a dip attributed to reduced seating capacity.

    The hotel sector reaped substantial benefits from the tourism boom. Average occupancy rates climbed by 1.3 percentage points, while the average revenue per available room surged by approximately 15%. The shared accommodation sector (e.g., Airbnb) also saw occupancy rise by 0.7 percentage points, though revenue per room declined by about 10%, indicating a competitive pricing adjustment by hosts. The cruise segment performed marginally well, with visitor numbers edging up by nearly 1% to 546,000 despite 12 fewer ship calls, reflecting higher occupancy per vessel.

    This tourism-driven growth had a multiplier effect across the economy. The agricultural sector experienced a remarkable 13.3% expansion, while construction grew by 9.2%. The business and other services sector advanced by 3.7%, and wholesale and distribution trade saw a 1.1% increase. Manufacturing remained stable without significant growth.

    Governor Greenidge concluded that the 2025 economic performance was characterized by its ‘balanced and resilient’ nature, being supported by multiple sectors rather than dependence on a single industry, positioning Barbados on a stable path of continued economic development.

  • INFOTEP and PROCIGAR inaugurate tobacco training school in Tamboril

    INFOTEP and PROCIGAR inaugurate tobacco training school in Tamboril

    SANTO DOMINGO – In a landmark public-private collaboration, the Dominican Republic has established a specialized educational institution dedicated to preserving and advancing the art of cigar production. The National Institute of Technical and Professional Training (INFOTEP) and the Association of Cigar Producers (PROCIGAR) have jointly inaugurated the PROCIGAR–INFOTEP School of Tobacco Growers in Tamboril.

    This pioneering initiative addresses the growing need for skilled artisans in one of the nation’s most historically significant economic sectors. The school commenced operations with four dedicated training groups involving 88 participants who will undergo an intensive 135-hour practical curriculum. The comprehensive program encompasses the entire cigar manufacturing process, including tobacco leaf selection, processing, expert rolling techniques, final finishing, and rigorous quality control standards.

    The inauguration ceremony featured prominent figures including INFOTEP Deputy Director Maira Morla, Tamboril Mayor Anyolino Germosén, PROCIGAR President Litto Gómez, and Johannes Marinus Kelner, Vice Minister of the Ministry of Industry, Commerce, and MSMEs.

    Industry leaders emphasized the institution’s critical role in developing specialized human capital to maintain the Dominican tobacco sector’s competitive edge in global markets. The school represents a strategic investment in workforce development that will enable immediate employment opportunities for graduates while enhancing productivity benchmarks. Beyond economic impacts, the initiative aims to generate sustainable livelihoods for local families and solidify Tamboril’s international reputation as a hub of premium cigar craftsmanship through this synergistic alliance between educational and industry stakeholders.

  • BTL Appeals to ‘National Interest’ Amid Pushback

    BTL Appeals to ‘National Interest’ Amid Pushback

    BELIZE CITY – Amid escalating controversy surrounding Belize Telemedia Limited’s proposed acquisition of Speednet, the telecommunications giant is invoking national interest arguments to justify the merger while confronting substantial opposition from multiple sectors. The company now faces coordinated resistance from labor unions, political representatives, and public demonstrators who question whether the corporate assurances align with tangible benefits for the nation.

    In response to mounting criticism, BTL officials have issued statements acknowledging public concerns while emphasizing that no definitive decision has been finalized. The corporation maintains that the proposed transaction remains under exhaustive evaluation and must successfully navigate numerous legal and regulatory approvals before implementation.

    BTL’s advocacy centers on projected advantages including enhanced telecommunications infrastructure, accelerated internet connectivity, expanded service accessibility, and significant advancement of Belize’s digital transformation agenda. Company representatives have highlighted these potential benefits as crucial for national development.

    However, skepticism persists among stakeholders demanding comprehensive disclosure regarding financial implications, potential market risks, competitive safeguards, and ultimate cost distribution. Critics characterize BTL’s promises as superficially appealing but substantively vague, requiring more detailed justification beyond rhetorical commitments.

    The telecommunications provider references extensive consultation efforts with employees, union representatives, opposition parties, business associations, regulatory bodies, and the Public Utilities Commission as evidence of transparent engagement. Despite these outreach initiatives, many citizens maintain that genuine transparency necessitates full financial disclosure rather than selective private meetings.

    Addressing pricing concerns, BTL cites an independent valuation conducted by Moore Belize adhering to international standards. The company further points to substantial investments in national infrastructure, educational initiatives, and community programs as demonstration of corporate commitment.

    Additional guarantees include employment protection for existing staff, uninterrupted service continuity, price stability commitments, and rigorous regulatory supervision. Nevertheless, pressing questions remain regarding duration of price controls, competitive market preservation, and regulatory intervention protocols should the consolidated entity establish market dominance.

    BTL asserts that the Public Utilities Commission will retain ultimate authority over approval proceedings, with national interests positioned as the central consideration. The public response indicates demand for comprehensive disclosure and concrete justification extending beyond corporate press statements.

  • BTL–Speednet Deal Under Fire from Streets to Senate

    BTL–Speednet Deal Under Fire from Streets to Senate

    A proposed $80 million acquisition of Speednet by Belize Telemedia Limited (BTL) has triggered significant public and political opposition, creating a contentious national debate about market competition and regulatory oversight. The controversy escalated dramatically on Tuesday when supporters of the United Democratic Party (UDP) and members of the National Trade Union Congress of Belize (NTUCB) organized protests outside BTL’s headquarters, with demonstrations occasionally turning chaotic.

  • PUC’s Turn: Regulator Pressed for Swift Merger Review

    PUC’s Turn: Regulator Pressed for Swift Merger Review

    BELIZE CITY – The proposed merger between telecommunications providers BTL and Speednet has placed the Public Utilities Commission (PUC) under significant scrutiny as the regulatory body faces mounting pressure to conduct an efficient review process. According to legal mandates, the PUC must thoroughly evaluate whether the consolidation complies with statutory requirements, assesses competitive implications, and safeguards consumer interests.

    Area Representative for Caribbean Shores, Kareem Musa, emphasized the commission’s critical role in navigating the complex regulatory landscape. “As the regulator, it is important for them to navigate through this process very efficiently,” stated Musa, who also serves as a government minister. He revealed that BTL’s legal team maintains confidence in their standing, anticipating minimal opposition or legal challenges to the proposed merger.

    The consolidation would effectively return Belize’s telecommunications market to a single service provider structure, raising concerns among various stakeholder groups. When questioned about public opposition expressed by organizations including the Chamber of Commerce and National Trade Union Congress of Belize (NTUCB), Minister Musa stressed the necessity of incorporating diverse perspectives into the final decision-making process.

    “The board of directors must consider all angles and views, even though there are dissenting views that have been expressed,” Musa commented. “It cannot just be that you only hear BTL’s perspectives or what they think will be profitable for the country or better for consumers. We must also factor in all of these dissenting views in coming to a decision.”

    The PUC’s evaluation will determine whether the merger proceeds, marking a pivotal moment for Belize’s telecommunications landscape and potentially reshaping market competition for the foreseeable future.

  • PyT Infraestructura asks RD Vial for extension in Amber Highway bidding process

    PyT Infraestructura asks RD Vial for extension in Amber Highway bidding process

    A significant infrastructure development in the Dominican Republic has encountered procedural hurdles as engineering firm PyT Infraestructura formally requested a deadline extension from national road agency RD Vial. The extension pertains to the submission of terms of reference for the ambitious highway project connecting the Santiago Northern Ring Road with the Puerto Plata–Sosúa Amber Highway.

    Amín Ricardo García Acuña, General Manager of PyT Infraestructura, clarified that the current bidding framework presents an unusual challenge. Contractors are being asked to propose highway designs without a predetermined ‘zero line’ or established route alignment. This omission necessitates comprehensive preliminary technical studies, which the firm argues should be completed before establishing the definitive road axis.

    García Acuña highlighted substantial financial and intellectual considerations, noting that industry standards indicate developing a preliminary design with reliable construction budgeting requires an investment between US$2 million and US$3 million. He further pointed out that the current bidding documentation lacks clear provisions addressing the intellectual property rights associated with such preliminary designs.

    The engineering executive proposed an alternative approach, suggesting that if RD Vial, the Ministry of Public Works, or another government entity possesses relevant technical studies from previous initiatives—particularly the complete design developed under the public-private partnership (APP) framework—these documents should be made publicly available. This transparency would enable all bidders to work from a common baseline and submit genuinely comparable technical proposals.

    García Acuña emphasized that standard international practice in public works contracting typically involves the contracting authority providing a base design, allowing competing firms to submit enhancements or alternative proposals rather than creating entirely original designs from undefined parameters.

  • BCWJ Slams Speednet; Calls for Full Merger Disclosure

    BCWJ Slams Speednet; Calls for Full Merger Disclosure

    BELIZE CITY – A proposed telecommunications merger between Belize Telemedia Limited (BTL) and Speednet (trading as SMART) has ignited significant controversy, drawing sharp criticism from labor representatives and opposition figures. The Belize Communication Workers Union (BCWJ) has escalated tensions by publicly characterizing Speednet as an antiquated entity offering negligible value to BTL, demanding comprehensive financial transparency before any deal proceeds.

    The core dispute centers on a profound lack of disclosure regarding Speednet’s financial health and asset portfolio. Protestors assembled outside BTL headquarters this week voiced frustrations, stating they remain completely uninformed about critical details of the merger, including a clear breakdown of assets, liabilities, and corporate debts. This opacity has fueled demands for full transparency from all stakeholders involved.

    When confronted by reporters, Labor Minister Kareem Musa faced direct questioning regarding SMART’s purported annual revenue, which reports suggest exceeds ten million dollars. The dialogue highlighted central concerns about the company’s profitability and tangible value. Minister Musa, representing the Caribbean Shores constituency, acknowledged these concerns are legitimate factors the BTL board must rigorously assess.

    Minister Musa emphasized the necessity of a meticulous evaluation process, stating, “What is the value of acquiring Speednet? Are you just acquiring the customers or are you acquiring the towers?… How valuable are those towers in modern day technology?” He expressed approval for a delayed decision, noting that a provisional approval, previously reported in media circles, was wisely postponed to allow for broader consultation with all relevant stakeholders. This pause, according to Musa, provides essential time for a thorough forecast of the long-term viability of Speednet’s infrastructure over the next several decades.

  • Labor Minister: CCJ Has Ruled, BTL Must Pay Severance to Workers

    Labor Minister: CCJ Has Ruled, BTL Must Pay Severance to Workers

    Belize’s Labor Minister Kareem Musa has issued a definitive statement supporting telecommunications workers in their protracted severance dispute with Belize Telemedia Limited (BTL). The conflict reached its legal conclusion through the Caribbean Court of Justice (CCJ), which delivered a binding ruling requiring the company to fulfill its severance obligations.

    Minister Musa addressed journalists on Wednesday, emphasizing the finality of the regional court’s decision. “This matter has been ventilated all the way to the CCJ,” stated Musa. “There is no other alternative, no other appeal process. In my respectful opinion, if these employees are qualified for severance based on the CCJ ruling, then by all means you have to pay these people.”

    The minister’s comments follow concerted actions by the Belize Communications Workers for Justice (BCWJ), who held a press conference on Monday and participated in organized protests on Tuesday. Musa questioned BTL’s corporate stance, noting the apparent contradiction between refusing worker payments while pursuing other business acquisitions. “How do you think you are in a position today to be buying out other companies if it is not on the backs of these hard working people from the company?”

    The Labor Minister’s intervention signals government support for the workers’ position and reinforces the authority of the CCJ’s ruling. The decision represents a significant development in Belize’s labor relations landscape, establishing precedent for regional judicial authority in employment disputes.

  • Major Solar Project Launched to Drive Belize’s Clean Energy Future

    Major Solar Project Launched to Drive Belize’s Clean Energy Future

    Belize has embarked on a transformative journey toward energy sustainability with the official launch of a pioneering solar initiative. Spearheaded by Belize Electricity Limited (BEL) in collaboration with the Government of Belize and the International Finance Corporation, this project represents a cornerstone of the nation’s renewable energy strategy.

    The ambitious program, operating under the World Bank Group’s Scaling Solar framework, seeks to integrate up to 80 megawatts of solar capacity into Belize’s national grid. This development marks a significant advancement toward the country’s commitment to source 75% of its electricity from renewable sources by 2030.

    Dr. Leroy Almendarez, CEO of the Ministry of Public Utilities, Energy and Logistics, provided exclusive insights into the project’s procurement mechanism. The current phase involves a Request for Qualification (RFQ) process open until March 27th, inviting both domestic and international developers to participate as independent power producers.

    “The prequalification process functions similarly to a job application shortlisting,” explained Dr. Almendarez. “Successful bidders will be responsible for constructing, operating, and maintaining solar facilities, with BEL serving as the primary power off-taker.”

    Notably, the initiative emphasizes local investor participation, encouraging Belizean businesses to form consortia to meet technical and financial requirements. This approach aims to ensure community involvement while building domestic expertise in renewable energy infrastructure.

    The project’s next phase will involve tariff negotiations between selected developers and BEL, ultimately determining electricity rates for consumers. This strategic move positions Belize to secure more affordable, sustainable energy while reducing dependence on fossil fuels.