riday, December 12, 2008
Caribbean nations are likely to feel the impact of the global financial crisis through a drop in remittances from overseas workers and tourism revenues, the head of the International Monetary Fund said on Wednesday.
"The Caribbean region will inevitably be impacted by the challenges confronting the global economy, particularly given the region's close ties to the US economy," Dominique Strauss-Kahn, the IMF's managing director, said in a prepared speech for delivery in the Jamaican capital.
While Jamaica has a small island economy, it has been directly hit by the global liquidity squeeze that has slowed private capital flows and made it difficult for governments to raise financing. Its currency and foreign exchange reserves have also come under pressure. Read More
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