CaribWorldNews, NEW YORK, NY, Fri. Jan. 14, 2011: The economy of the Latin America and the Caribbean region is set to expand further in 2011.
That`s the word from the World Bank. Growth is forecast to slow somewhat to around 4 percent in 2011 and 2012, largely because of a weaker external environment as growth in advanced economies and China moderates, bank analysts said.
This as several countries in the region have been subject to potentially destabilizing capital inflows that have contributed to strong upward pressure on some currencies.
The bank, in its Global Economic Prospects 2011 report this week, however, insisted that the region has emerged well from the global crisis compared with its own past performance and the pace of recovery in other regions.
`After contracting by 2.2 percent in 2009, GDP is estimated to have expanded 5.7 percent in 2010, similar to the average growth recorded during the 2004-2007 boom years,` the Bank said in a statement this week.
For the region`s largest economy, Brazil, the bank expects gross domestic product to expand 4.4 percent in 2011 on top of an estimated 7.6 percent growth in 2010. Mexico, which suffered the most from the U.S. recession, is likely to see growth slow to 3.6 percent from an estimated 5.2 percent in 2010, according to the World Bank.
JAMAICA OPENS IAN FLEMING AIRPORT
Jamaica`s newest airport, the Ian Fleming Airport, is open for business. Prime Minister Bruce Golding opened the transformed Boscobel Aerodrome that has been re-named after the British writer and creator of the world`s most famous fictional spy, James Bond, in St. Mary.
Officials said the upgraded airport will handle small jets and international arrivals to attract the high end of the tourist market.
Golding explained that the airport was renamed in memory of Fleming, since he gave Jamaica an image much larger than it would otherwise have had as this was the place where the creativity emerged that enabled him to write 13 James Bond novels.
`We also considered that the market to which we are appealing is a market to which the name Ian Fleming would have some resonance. We genuinely wanted to honor the memory of Ian Fleming because of all that he has achieved and the extent to which he brought Jamaica into that achievement.... and we wanted to take advantage of his celebrity status,` he added.
IMF Funds For St. Lucia
The Executive Board of the International Monetary Fund this week approved a combined about US$8.19 million in emergency assistance for St. Lucia to cope with the economic consequences of Hurricane Tomas.
The financial assistance consists of about US$5.85 million disbursement under the IMF`s Rapid Credit Facility and about US$2.34 million under the Fund`s Emergency Natural Disaster Assistance (ENDA).
Hurricane Tomas struck St. Lucia on October 30, 2010 causing loss of life and significant damage to the nation`s road network, water supply, and agriculture sector. The latest but still preliminary estimates suggest that total damages amount to US$336 million, or about 34 percent of GDP.
Haiti Industrial Park
Some 20,000 Haitians could be employed in northern Haiti soon under an agreement to build an industrial park.
Authorities of the Haitian government and the U.S. State Department and executives of the Inter-American Development Bank and the Korean textile manufacturer Sae-A Trading Co. Ltd. signed a framework agreement this week.
Through grants made to Haiti, the IDB will support the construction of the industrial park`s buildings, internal roads, electricity and water distribution networks and water treatment plant. The U.S. government will underwrite the construction of a power generating facility to supply the park and its surrounding area, as well as a housing program for the industrial park`s workers.
The industrial park will serve as a location for manufacturers from around the world looking to leverage the unique trade preferences the United States has granted Haiti. Sae-A, a major supplier to U.S. retailers such as Wal-Mart, Target, Gap and Levi`s, plans to hire as many as 20,000 workers over time, becoming the largest private sector employer in Haiti.
Source: http://www.caribbeanworldnews.com
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