• Guyana's economy grew in the double digits in 2025 for the sixth year in ​a row, expanding 19.3% even as growth in oil production and ‌exports was lower than in prior years, Finance Minister Ashni Singh said on Monday when presenting the nation's annual budget.
• The oil sector expanded 21% in 2025 compared to the 57.7% growth a year prior, while the non-oil sector grew 14.3%, driven mainly ‌by agriculture, mining, construction and the services industry, Singh said.
• Crude output throughout 2025 totaled 261.1Mn barrels, up from 225.4Mn produced in 2024, as a consortium led by ExxonMobil started operations on its fourth oil project in the country ⁠in August. All of Guyana's oil production is controlled by the Exxon-led group. Guyana exported ‍260 cargos of crude oil in 2025, Singh said, with 32 cargoes of them shipped by ‌the ‌government from its share of oil produced by the Exxon group. A cargo of crude oil contains approximately one million barrels.
• Oil is expected to remain a key driver of economic growth in 2026, as production from Guyana’s fifth offshore project ⁠is due to ⁠start later this ​year. Exxon raised Guyana's oil production capacity to more than 900,000 barrels per day (bpd) last year, and a new project set to be developed this year aims to further raise production to ‍up to 1.15Mn bpd.
• The government is expected to maintain an infrastructure-heavy budget stance, deploying oil revenues to support its goals of building 40,000 homes over five years and expanding road ​networks across the country.
• Guyana is Latin America's newest ‍oil producer and in recent years has become the region's fifth-largest crude exporter after Brazil, Mexico, ​Venezuela and Colombia.

(Source: Reuters)

• The Ministry of Natural Resources announced on Wednesday that ExxonMobil Guyana Limited (EMGL) has officially relinquished 20 per cent of the Stabroek Block.
• ‘Relinquishment,’ outlined in the 2016 Production Sharing Agreement (PSA), refers to the giving up of sections of a block by a contractor after a stipulated amount of time has elapsed and no commercial discoveries have been made.
• “The Stabroek block has been the site of multiple significant discoveries, which are now undergoing evaluation and appraisal to determine their commercial potential,” the ministry explained. Notably, the relinquished portion is composed of various sections of the entire block and isn’t located in a single area.
• The ministry reaffirmed its commitment to ensuring that the petroleum sector is properly managed by legal provisions and in the most prudent manner for the benefit of all Guyanese. The press release says that the Ministry of Natural Resources and the Guyana Geology and Mines Commission will “continue to work diligently to ensure that all petroleum operations executed by EMGL and its partners are conducted in keeping with the requirements of the [Petroleum Activities Act], the Stabroek Block Petroleum Agreement, and…international best practices.”
• To date, more than 50 oil discoveries have been made in Guyana’s waters, with 46 of them being found in the Stabroek Block alone. There are currently six sanctioned projects. Three of them combined are producing approximately 600,000 barrels of oil per day. A fourth is scheduled for startup in August of this year.

(Source: Newsroom Guyana)

• The Bank of England is taking very seriously the risk to economic growth from the upheaval in global trade, Governor Andrew Bailey said on Wednesday, two weeks before the BoE's next interest rate decision and its latest economic forecasts.
• Bailey, speaking on the sidelines of the International Monetary Fund's spring meetings that have been dominated by U.S. President Donald Trump's trade tariffs, said Britain stood to be hit by the global disruption as an open economy. Bailey pointed to the IMF's sharp downgrade of its forecasts for economic growth in 2025, both globally and in the UK.
• Investors on Wednesday assigned a 100% probability to the BoE cutting rates by a quarter of a percentage point on May 8 after the next scheduled Monetary Policy Committee meeting.

(Source: Reuters)

• The government is exploring options to make Barbados more competitive in the sale of luxury goods, as part of its wider economic and tourism strategy, according to Prime Minister Mia Mottley.
• The PM has invited the Barbados Chamber of Commerce and Industry (BCCI) to submit recommendations on how to reposition the island as a destination for high-end shopping. “I’ve invited the private sector—the Chamber of Commerce specifically—to submit to me a paper with respect to luxury goods again,” the Prime Minister said during her address at the opening of the Courts Superstore at W Plaza, Welches, on Thursday.
• “Barbados did lose some competitiveness with respect to the sale of luxury goods in this country. It is part and parcel of our tourism brand and part of our value proposition, and we need to claim it back.”
• Mottley did not outline any specific measures under consideration but said the matter was being actively reviewed as part of the government’s ongoing efforts to strengthen the island’s retail and investment climate.
• The Prime Minister’s remarks come amid increased focus on improving customer service and upgrading commercial infrastructure in key retail zones. She said developments such as the new Courts Superstore were important to improving the overall consumer experience but also signalled the administration’s intention to support both mass market and niche retail offerings.
• Officials within the business community have previously called for a review of import duties and taxes that affect the sale of high-end items, arguing that they have contributed to a decline in Barbados’ appeal to luxury shoppers.

(Source: Barbados Today)

• Factories around the world, from Japan to Britain to the United States, saw activity slump in March as businesses braced for new U.S. tariffs, though some saw a bounce in the race to get goods to customers before the new measures hit.
• U.S. President Donald Trump is set to announce a tariff proposal on what he's called "Liberation Day" on Wednesday, after implementing levies on aluminium, steel, and automobiles, along with increased tariffs on all goods from China. Trump has said no nation will be spared tariffs that policymakers fear will be the latest blow to a global economy barely recovered from the COVID pandemic and beset by concerns over political instability and wars.
• Asia's factory activity mostly weakened in March as the impending tariffs, plus weak global demand, hurt business sentiment. Purchasing Managers' Index surveys - a closely-watched gauge of economic sentiment - showed. Japan's factory activity fell at the fastest pace in a year, while South Korea's decline in factory activity also sped up, and the Taiwanese read-out was weaker as well.
• China was one outlier, showing activity in the world's second-largest economy picking up as factories rushed to get goods to customers before U.S. tariffs took effect. And in the United States itself, where factory activity had expanded in the first two months of the year, manufacturing shrank, with the Institute for Supply Management (ISM) manufacturing PMI slipping to 49.0 from 50.3 in February.
• The front-loading of activity was also cited as a possible factor behind a bounce in Europe's long-suffering manufacturing industry, where output rose for the first time in two years, the PMI for the 20-country euro zone showed.
• Germany, Europe's largest economy, saw its first production increase in nearly two years, while the downturn eased in France. But British manufacturers endured a torrid March as the tariff threat and impending tax increases contributed to a plunge in new orders and ebbing optimism. Investors remain nervous, but global stocks rose on Tuesday following Wall Street's overnight gains, while gold hit an all-time peak. Investors remain nervous, but global stocks rose on Tuesday following Wall Street's overnight gains, while gold hit an all-time peak.

(Source: Reuters)

• Brazilian central bank director Nilton David signaled on Monday that policymakers will monitor inflation expectations when determining their next steps, anticipating that inflation will remain persistent in the coming months.
• Earlier this month, the central bank raised interest rates by 100 basis points for the third consecutive time, sticking to previous guidance, and penciled in a smaller hike in May.
• The decision was made with "strong conviction" that the tightening cycle was not over but that the next move should be of a lesser magnitude, the bank's director of monetary policy said at an event hosted by Itau BBA.
• The key question now is how the next few months will unfold, with inflation readings expected to remain high for the next three to five months, he said, adding that policymakers would also closely monitor market inflation expectations and economic agents' behaviour.
• The director stressed that monetary policy is guided by inflation, not economic activity, and noted that policymakers "strongly believe" long-term unanchored inflation expectations stem from concerns over potential fiscal surprises.
• Despite the Brazilian real appreciating nearly 8% this year, inflation expectations have only moved further away from the official 3% target, he said. Market participants surveyed weekly by the central bank project inflation at 5.65% this year, 4.50% in 2026, 4.00% in 2027, and 3.78% in 2028.
• The director also said the central bank has yet to reach a firm conclusion on the impact of new rules for payroll-deductible loans to formal workers. One possibility, he noted, is that borrowers will refinance expensive debt with cheaper credit, while another is that they will take on new debt.

(Source: Reuters)

• New York Federal Reserve President John Williams stated that monetary policy is "well positioned" for what the economy might do this year, as he acknowledged there are risks that inflation could once again heat up. Williams added that while he cannot predict when the U.S. central bank might change the current level of interest rates, keeping it in place "for some time" will allow officials to study incoming data and decide what they need to do next.
• Richmond Fed President Thomas Barkin said the timing of any rate cuts will depend on what happens with inflation. He noted that while he is nervous that the Trump administration's tariffs will push up prices, he is also worried the levies could hurt the job market.
• The two central bankers weighed in at a time of high economic uncertainty as President Donald Trump continues to press forward with disruptive shifts in trade policy while at the same time downsizing the federal government, complicating any effort to gain clarity about the outlook for the economy.
• That uncertainty proved to be a defining characteristic of the Fed's rate-setting meeting earlier this month, where policymakers held the central bank's benchmark overnight interest rate steady in the 4.25%-4.50% range, while maintaining hopes they'll be able to cut rates later this year.
• Notably, the Fed's outlook has been complicated by the fact that Trump's tariffs, which could be significantly expanded on Wednesday, are almost certain to drive up inflation in the near term, with big questions about how long those gains might last. At the same time, uncertainty is complicating businesses' efforts to plan and invest and is rapidly and dramatically souring consumers' attitudes.
• All of this is leading to rising worries about an economic downturn. On Sunday, Goldman Sachs forecasters said they will raise their recession probability to 35% from 20%, noting “the sharp recent deterioration in household and business confidence, and statements from White House officials indicating greater willingness to tolerate near-term economic weakness in pursuit of their policies.”
• Overall, the shift in the outlook has been driving financial markets to price in more Fed interest rate cuts as traders and investors reckon the central bank will have to take action to buoy the economy. Williams said that while he was not going to try to put odds on the prospect of a recession, where the economy now stands is "very solid" with "good growth up to this point," with a still healthy labour market.
• The New York Fed leader also said he needs to have more information before he can say definitely what tariffs will do to price pressures. Still, his forecast is "that inflation will be relatively stable" this year, while adding that there are "upside risks" for price pressures.
• International Monetary Fund Managing Director Kristalina Georgieva backed up Williams' outlook and said the process of slowing inflation will continue, albeit at a reduced pace this year. She also said that "when we look at inflation expectations, they're a little higher, but not dramatically changing the disinflation trajectory between now and 2026."

(Source: Reuters)

• China, Japan and South Korea agreed to jointly respond to U.S. tariffs, a social media account affiliated with Chinese state broadcaster CCTV said on Monday. The comments came after the three countries held their first economic dialogue in five years on Sunday, seeking to facilitate regional trade as the Asian export powers brace against U.S. President Donald Trump's tariffs.
• Japan and South Korea are seeking to import semiconductor raw materials from China. China is also interested in purchasing chip products from Japan and South Korea, the account, Yuyuan Tantian, said in a post on Weibo.
• All three sides agreed to strengthen supply chain cooperation and engage in more dialogue on export controls, the post said. During Sunday's meeting, the countries' trade ministers agreed to "closely cooperate for comprehensive and high-level" talks on a South Korea-Japan-China free trade agreement deal to promote "regional and global trade", according to a statement released after the meeting.
• The ministers met ahead of Trump's planned announcement on Wednesday that there would be more tariffs on what he calls "liberation day" as he upends Washington's trading partnerships.
• Beijing, Seoul and Tokyo are major U.S. trading partners, although they have been at loggerheads amongst themselves over issues including territorial disputes and Japan's release of wastewater from the wrecked Fukushima nuclear power plant.

Source: (Reuters)

• Mexico's government may look for other trade partners, the nation's president said on Wednesday, after the United States slapped tariffs on its southern neighbour. President Claudia Sheinbaum said that Mexico could shift trade alliances "if necessary," referring to the possible continuation of the tariffs.
• S. President Donald Trump's new 25% tariffs on imports from Mexico and Canada took effect on Tuesday, along with fresh duties on Chinese goods, standing to seriously alter supply chains and long-standing trade partnerships.
• Sheinbaum is tentatively set to have a phone call on Thursday with the U.S. leader about the tariffs, she said in her daily morning press conference. If the tariffs continue after that, Mexico "will reach out to Canada and other nations," Sheinbaum noted. "It is a very definitive moment for Mexico," Sheinbaum said. "Our economy is fine, but there will be no submission. ... Depending on the circumstances, we will look to Canada and other countries."
• The Mexican peso slightly strengthened by 0.84% on Wednesday to 20.41 per U.S. dollar. In an appeal to Mexican national pride, Sheinbaum has called for a rally on Sunday in Mexico City's historic Zocalo square where she will outline her response to the United States, which she said would include retaliatory tariffs.
• S. Commerce Secretary Howard Lutnick said on Wednesday that an announcement on tariffs could come later in the day, hinting at possible relief for some sectors such as automobiles. The auto sector stands to take a heavy hit from tariffs, with parts typically crossing the border several times as cars are assembled. The United States imported $181.4Bn in autos and auto parts from Mexico in 2024, representing nearly 10% of Mexico's economy, according to Goldman Sachs.

(Source: Reuters)

• Barbados Chamber of Commerce and Industry (BCCI) head James Clarke has called for urgent reforms to address persistent delays at the Bridgetown Port, warning that inefficiencies are stifling business operations and undermining the country’s economic growth.
• Clarke called for urgent action to streamline port logistics, reduce bureaucratic red tape, and modernise trade and investment policies to position Barbados as a more competitive global player. The BCCI president said port bottlenecks remain one of the most pressing concerns for the local business community, highlighting frustrations over costly delays and inefficiencies that have plagued importers and exporters alike.
• These issues, he stressed, must be addressed as part of a broader strategy to improve the ease of doing business in the country. “Delays at the port continue to affect our business community, impacting supply chains and creating unnecessary hurdles for trade,” Clarke added.
• Addressing an audience of business leaders and policymakers, Clarke outlined the chamber’s agenda for 2025, identifying regulatory reform, digital transformation, and business advocacy as key priorities. He said the chamber would continue working closely with the government and social partners to implement policies aimed at reducing bureaucracy, modernising business practices, and making Barbados a more attractive destination for investment.

(Source: Barbados Today)