Caribbean Money

Oilprice.com projects that the Guyanese economy is forecast to expand by over 14 per cent to see GDP exceed $70 billion in 2026 and will in a short time become South America’s wealthiest country on a GDP per capita basis. The analyst source reported on March 25, 2025, that Guyana is projected to become the world’s largest per capita oil producer, with production anticipated to exceed one million barrels per day by 2027. Guyana has become a major player in the global oil market due to substantial offshore oil discoveries, particularly within the Stabroek Block led by ExxonMobil. The rapid development of the Caribbean nation's oil industry has led to exponential economic growth, making it the world’s fastest-growing economy in 2024. For 2024, Guyana experienced GDP growth of 43.8 per cent, valued at US$63 billion making it the world’s fastest growing economy. Matthew Smith of Oilprice.com reports that Guyana, a nation of less than one million is on track to become the continent’s se...

  Playa Hotels and Resorts is wrapping up its 2025 "Peak" offers with a destination focus on Jamaica. In the bid to boost bookings in its Jamaican properties Playa has promised agents who log bookings before 31 March with double rewards. All valid, logged bookings for Hilton Rose Hall, Hyatt Ziva and Zilara Rose Hall and Jewel Grande Montego Bay will earn double Playa Points which can be collected and converted into cash rewards and free night stays. In addition, agents can still win one of six FAM trip places to either the Dominican Republic or Mexico with each booking they log. The FAM trips offer an opportunity to experience all-inclusive brands within the Playa family of Hyatt Ziva and Zilara Resorts, Sanctuary, Wyndham Alltra Resorts and Seadust. Hyatt Hotels announced on February 10, 2025, that the group will buy Playa Hotels and Resorts for approximately US $2.6 billion including debt, net of cash, the company. Hyatt is targeting luxury offerings outside the US a...

  Caribbean Airlines has opened a new 5,000-square-foot facility, for aircraft containers and pallets to accommodate the transportation of temperature-sensitive cargo. In a release, CAL said, "This new unit adds immense value to many of the airline's perishable-goods cargo customers, many of whom are local fish exporters." The facility can store aircraft pallets for large all-cargo freighters and is equipped with a roller system. Designed by local manufacturer Mecalfab Ltd, the unit can accommodate the loading and storage of up to 40 aircraft pallets. Caribbean Airlines Cargo meanwhile has partnered with the air cargo digital solution platform, CargoAi, and offers capacity to and from the Caribbean. Freight forwarders can now access and use www.cargoai.co for eQuotes and eBookings for all destinations served by Caribbean Airlines Cargo worldwide, including, but not limited to, Trinidad, Jamaica, Guyana, and Barbados. General Manager, Cargo and New Business, Caribbean A...

    The United States is the major source of personal remittances for many nations. A potential recession or significant growth reversal in the US poses risks to the dependent economies such as Jamaica. The Bank of Jamaica states, “Remittances are the second largest source of foreign currency inflow, supporting the country's import needs. Remittances are also a vital source of income for many Jamaican households, often used to cover essential expenses such as food, housing, education, and healthcare. “A substantial decrease in these funds would likely lead to reduced household consumption, which could, in turn, slow overall economic activity. The net impact may also have implications for the country’s reserves.” Despite talk of a pending recession, however, as of March 2025 analysts are still predicting significant growth in this segment for recipient countries. Analyst source Datainsightsmarkets.com says that “The global remittance market is expected to reach USD 1,588.2 bil...

  Cayman Airways Limited (CAL) is increasing travel times for Easter 2025 included to Montego Bay, Jamaica, with special Easter flights scheduled on April 16 and April 23, 2025. The new schedule for this route includes flight KX2620, departing from Grand Cayman (GCM) at 7:00 am and arriving in Montego Bay (MBJ) at 7:55 am. The return flight, KX2621, will depart Montego Bay at 8:55 am and land back in Grand Cayman at 9:50 am. On April 23, flight KX2620 will depart Grand Cayman at 7:30 am, arriving in Montego Bay at 8:30 am, while the return flight KX2621 will leave Montego Bay at 9:30 am and arrive in Grand Cayman at 10:30 am. In addition to the Montego Bay service, Cayman Airways is offering extra flights on several other international routes. Additional flights between Grand Cayman and Kingston, Jamaica, will be available on April 17, 23, and 28. Similarly, flights to La Ceiba, Honduras, have been scheduled for April 18, 25, and 29, and the airline will also offer more flights to...

  Jacob Evans, reporting for BBC news, outlines how the 2024 amendments approved by the Jamaica Intellectual Property Office (JIPO) to the geographical indication (GI) designation for Jamaica Rum has set the industry in a flutter. The GI designation was originally set up in 2016. Now rum produced overseas is prohibited. The amendment was the work of the Spirits Pool Association (SPA), the trade organisation representing Jamaica's six rum distilleries - Appleton (which is owned by J Wray and Nephew), Clarendon, Hampden Estate, Long Pond, New Yarmouth and Worthy Park Estate. The designation is especially relevant in two key export markets – the EU and the US and is expected to give Jamaica’s premium rum producers better protection against competitors and lead to more drinkers recognising it as a premium product. One Jamaican producer is disputing the new law saying it could go out of business. National Rums of Jamaica (NRJ), owns Long Pond and 73 per cent of Clarendon. NRJ is co...

  Investor Christopher Williams and businessmen Gary Matalon are inviting other investors to partner in Condotels, new short term rental units for Jamaica and other Caribbean markets. On LinkedIn, Matalon has issued an invitation stating, “Are you ready to be “different” ? The most attractive investment asset in the Caribbean is hospitality real estate. No Question. (And PLEASE stop saying hospitality real estate = Airbnb). “Introducing Condotels!!! [these will be, he outlined] Apartment properties listed on all platforms, branded, Managed, well designed, efficient, furnished, licensed, tax-efficient…….and most importantly…"different.” Chris and Gary invite you to join us in being “different”. Are you in?” Gary Matalon is already knee deep in the condo market, being a director in KLE Group currently which has a 25 per cent stake in Bessa, which has 8 residences built on an eight-acre property. There are 24 oceanfront condos, 12 pool villas, and 50 river condos ranging from US$...