In addition, insurance premiums are rising and this is particularly critical in the Caribbean area as we begin another hurricane season. The political upheavals in the Middle East and North Africa are having a marked impact through the rise in price of the most important internationally traded commodity, oil.
The emerging markets particularly China, the world’s second largest economy, India and Brazil, which have been driving growth in the global economy, are taking steps to restrain their economies due to a significant increase in inflation. These factors make for great uncertainty in the international economic system and the possibility of a lower growth performance than projected.