Barbados
The Barbadian economy is still being “pummeled” by global economic conditions, which have caused “anemic” growth, increased unemployment and a high inflation rate, the International Monetary Fund reported. IMF officials who recently reviewed the country’s economic performance believe that some of the its economic problems are being caused by high public debt levels, which currently stand at 117 percent of gross domestic product, according to a press release from the IMF. The organisation urged Barbadian leaders to reduce that debt in the medium-term and to allow the private sector to restructure the failed insurance company CLICO rather than use public funds, according to the release.
Cayman Islands
Rough seas caused the Caymanian economy to forgo about $2.8 million when ten cruise ships skipped the territory last week. According to the news website Cayman iNews, the bad weather meant that 35,000 passengers did not disembark as planned.
St. Martin
The international firm Luxury Resorts bought the villa rental company Carimo to strengthen its operations in St. Martin, company officials announced last week. Luxury Retreats bills itself as “the world’s largest specialist in luxury villa rentals.” The company rents 1,800 villas worldwide, including three properties in Virgin Gorda: Baraka Point, Mooney Bay Estate and Aquamare Estate.