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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                 L A T I N   A M E R I C A

          Wednesday, May 24, 2023, Vol. 24, No. 104

                           Headlines



A R G E N T I N A

BLOCKFI INC: Customers Dispute $375-Mil Account Transfer Cutoff
GAUCHO GROUP: Projects Over $6 Million in Sales in 2023


B E L I Z E

BELIZE: Central Bank Defends Decision to Fix Exchange Rate


C H I L E

CHILE: Economy Bounces Back, Driven by Service Industries
LATAM AIRLINES: Asks US High Court to Deny Bankr. Interest Claims


E L   S A L V A D O R

TITULARIZADORA DE DPRS: Fitch Hikes Rating on 2019-1 Loans to B+


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Waiver Extension on Sanctions Depends on Maduro


X X X X X X X X

LATAM: IDB Finds Businesses Need More Innovation & Productivity

                           - - - - -


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A R G E N T I N A
=================

BLOCKFI INC: Customers Dispute $375-Mil Account Transfer Cutoff
---------------------------------------------------------------
Rick Archer of Law360 reports that a group of BlockFi customers
told a New Jersey bankruptcy judge Monday, May 8, 2023, that $375
million more in cryptocurrency should count as customer property in
the platform's Chapter 11 case because it took eight days to shut
down its customer app after it suspended transactions.

                       About BlockFi Inc.

BlockFi is building a bridge between digital assets and traditional
financial and wealth management products to advance the overall
digital asset ecosystem for individual and institutional
investors.

BlockFi was founded in 2017 by Zac Prince and Flori Marquez and in
its early days had backing from influential Wall Street investors
like Mike Novogratz and, later on, Valar Ventures, a Peter
Thiel-backed venture fund as well as Winklevoss Capital, among
others.  BlockFi made waves in 2019 when it began providing
interest-bearing accounts with returns paid in Bitcoin and Ether,
with its program attracting millions of dollars in deposits right
away.

BlockFi grew during the pandemic years and had offices in New York,
New Jersey, Singapore, Poland and Argentina.

BlockFi worked with FTX US after it took an $80 million hit from
the bad debt of crypto hedge fund Three Arrows Capital, which
imploded after the TerraUSD stablecoin wipeout in May 2022.

BlockFi had significant exposure to the companies founded by former
FTX Chief Executive Officer Sam Bankman-Fried.  BlockFi received a
$400 million credit line from FTX US in an agreement that also gave
FTX the option to acquire BlockFi through a bailout orchestrated by
Bankman-Fried over the summer. BlockFi also had collateralized
loans to Alameda Research, the trading firm co-founded by
Bankman-Fried.

BlockFi is the latest crypto firm to seek bankruptcy amid a
prolonged slump in digital asset prices. Lenders Celsius Network
LLC and Voyager Digital Holdings Inc. also filed for court
protection this year. Kirkland & Ellis is also advising Celsius and
Voyager in their separate Chapter 11 cases.

BlockFi Inc. and eight affiliates sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 22-19361) on
Nov. 28, 2022. In the petitions signed by their chief executive
officer, Zachary Prince, the Debtors reported $1 billion to $10
billion in both assets and liabilities.

Judge Michael B. Kaplan oversees the cases.

The Debtors taped Kirkland & Ellis and Haynes and Boone, LLP as
general bankruptcy counsels; Walkers (Bermuda) Limited as special
Bermuda counsel; Cole Schotz, P.C., as local counsel; Berkeley
Research Group, LLC as financial advisor; Moelis & Company as
investment banker; and Street Advisory Group, LLC as strategic and
communications advisor.  Kroll Restructuring Administration, LLC is
the notice and claims agent.


GAUCHO GROUP: Projects Over $6 Million in Sales in 2023
-------------------------------------------------------
Gaucho Group Holdings, Inc. announced in a letter to stockholders
its revenue projections of more than $6 million in sales in 2023,
with the primary driver being its vineyard estate lots at Algodon
Wine Estates in San Rafael, Mendoza, Argentina.  Algodon Wine
Estates has already sold roughly 10% of its total lots, with more
than 450 lots still for sale, worth what the Company anticipates
could be an additional $90 million of potential sales in the coming
years.

In the letter to stockholders, Scott Mathis, founder, chief
executive officer, and Chairman of the Board of Directors of Gaucho
Group Holdings, spoke of Algodon Wine Estates' robust sales of its
vineyard lots, primarily due, the Company believes, to investors
seeking to invest outside the US dollar amid rising interest rates,
inflationary pressure, and other global and geo-political
uncertainties.  Algodon Wine Estates offers a tangible investment
opportunity outside the US dollar, with a proven real estate market
in Argentina, known for producing some of the world's best wines.

The estate also provides an idyllic escape from the pressures of
modern life, offering a tranquil retreat where one can unwind and
enjoy the simple pleasures of life, such as incredible food,
outstanding wines, and an abundance of outdoor activities.

The Company also announced that its wine sales are also increasing
via ecommerce channels in the USA and Argentina, as well as direct
to consumer channels in Argentina.  One of the main factors that
differentiates Gaucho Holdings' wine brands is the implementation
of the microvinification process for their premium Malbecs and
Malbec blends of Algodon Fine Wines.  The Company believes that
producing small batches of unique and high-quality wines positions
Algodon better to stand out in a competitive wine market and create
a loyal following among wine enthusiasts.

Furthermore, Gaucho Holdings' leather goods and accessories brand,
Gaucho - Buenos Aires (gaucho.com), is also experiencing increasing
sales quarter-by-quarter.  The Company believes that the brand's
leather goods and accessories are an enticing opportunity due to
its online storefront paired with its brick-and-mortar presence in
Miami's celebrated Design District.  Gaucho's unique and authentic
Argentinean style sets it apart from competitors, making it a
potential strong player in the fashion industry.  The Company's
goal is to become the LVMH of South America and beyond by becoming
a global luxury goods and experiences company, and it feels Gaucho
balances its portfolio in a unique and exciting way.

"We believe that Argentina is poised for positive change.  After
experiencing decades of hyperinflation and rapid peso devaluation,
the country's mood seems to be shifting," said Scott L. Mathis,
founder, chief executive officer, and Chairman of the Board of
Directors of Gaucho Group Holdings.  "We are optimistic and
doubling down on our desire to develop more real estate and
acquisitions for cash flow producing properties, which can be
acquired at a fraction of what they cost globally.  We do not
expect a parabolic change from a bad economy to greatness, but
rather a move from bad to less than bad, which can have a dramatic
effect on the values and global appetite for Argentine assets.  We
do believe, however, that Argentina represents one of the best
contrarian opportunities for investment on the globe today."

                          About Gaucho Group

Headquartered in New York, NY, Gaucho Group Holdings, Inc. --
http://www.algodongroup.com-- was incorporated on April 5, 1999.
Effective Oct. 1, 2018, the Company changed its name from Algodon
Wines & Luxury Development, Inc. to Algodon Group, Inc., and
effective March 11, 2019, the Company changed its name from Algodon
Group, Inc. to Gaucho Group Holdings, Inc.  Through its
wholly owned subsidiaries, GGH invests in, develops and operates
real estate projects in Argentina.  GGH operates a hotel, golf and
tennis resort, vineyard and producing winery in addition to
developing residential lots located near the resort.  In 2016, GGH
formed a new subsidiary and in 2018, established an e-commerce
platform for the manufacture and sale of high-end fashion and
accessories.  The activities in Argentina are conducted through its
operating entities: InvestProperty Group, LLC, Algodon Global
Properties, LLC, The Algodon - Recoleta S.R.L, Algodon Properties
II S.R.L., and Algodon Wine Estates S.R.L. Algodon distributes its
wines in Europe through its United Kingdom entity, Algodon Europe,
LTD.

Gaucho Group reported a net loss of $21.83 million for the year
ended Dec. 31, 2022, compared to a net loss of $2.39 million
for the year ended Dec. 31, 2021.  As of Dec. 31, 2022, the Company
had $18.69 million in total assets, $7.90 million in total
liabilities, and $10.79 million in total stockholders' equity.

New York, NY-based Marcum LLP, the Company's auditor since 2013,
issued a "going concern" qualification in its report dated April
17, 2023, citing that the Company has a significant working capital
deficiency, has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its
operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.




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B E L I Z E
===========

BELIZE: Central Bank Defends Decision to Fix Exchange Rate
----------------------------------------------------------
RJR News reports that the Central Bank of Belize has defended its
decision to fix the exchange rate of the local currency at two to
one US dollar, even as it acknowledged that there has been some
pushback from commercial banks.

The official fixed buying rate of the US dollar at two Belize
dollars was effective May 2, according to RJR News.

CBB Governor Kareem Michael says the focus has primarily been on
cash instruments, specifically currency notes, which were subject
to complaints and concerns from the public, the report notes.

He says that by resetting the buying rate for authorized dealers,
issues faced by individuals in their everyday transactions will be
addressed, the report adds.




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C H I L E
=========

CHILE: Economy Bounces Back, Driven by Service Industries
---------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that Chile's
economy picked up at the start of the year, growing at the fastest
pace since the end of 2021 amid an expansion in service industries,
the central bank said.

Gross domestic product grew 0.8% in the first quarter from the
prior three months and fell 0.6% from a year before, according to
globalinsolvency.com.

Economists surveyed by Bloomberg expected 1% expansion
quarter-on-quarter and a 0.9% contraction year-on-year,
globalinsolvency.com relays.

Fourth-quarter growth was revised to 0.2% quarter-on-quarter from
0.1%, the report notes.

Chile's central bank and Finance Ministry have boosted their 2023
growth forecasts in the past month as activity responds more slowly
than expected to tight monetary policy, the report discloses.

Government officials have said the economy is set to gather steam
from here on, the report relays.

"This was a good start to the year confirming that economic
activity has been more resilient than initially expected," Andres
Abadia, chief Latin American economist at Pantheon Macroeconomics,
said in a note obtained by the news agency.

"Growth momentum likely will gather speed thanks to falling
inflation, lower interest rates, and improving conditions for key
exports," the report adds.


LATAM AIRLINES: Asks US High Court to Deny Bankr. Interest Claims
-----------------------------------------------------------------
Ivan Moreno of Law360 reports that Latam Airlines Group SA asked
the U. S. Supreme Court to leave in place a Second Circuit ruling
that confirmed the Chilean air carrier's Chapter 11 plan over the
objections of bondholders from a Latam affiliate who argue they are
entitled to post-bankruptcy interest on their notes.

                  About LATAM Airlines Group

LATAM Airlines Group S.A. -- http://www.latam.com/-- is a
pan-Latin American airline holding company involved in the
transportation of passengers and cargo and operates as one unified
business enterprise. It is the largest passenger airline in South
America.

Before the onset of the COVID-19 pandemic, LATAM offered passenger
transport services to 145 different destinations in 26 countries,
including domestic flights in Argentina, Brazil, Chile, Colombia,
Ecuador and Peru, and international services within Latin America
as well as to Europe, the United States, the Caribbean, Oceania,
Asia and Africa.

LATAM and its 28 affiliates sought Chapter 11 protection (Bankr.
S.D.N.Y. Lead Case No. 20-11254) on May 25, 2020. Affiliates in
Chile, Peru, Colombia, Ecuador and the United States are part of
the Chapter 11 filing.

The Debtors disclosed $21,087,806,000 in total assets and
$17,958,629,000 in total liabilities as of Dec. 31, 2019.

The Hon. James L. Garrity, Jr., is the case judge.

The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as
bankruptcy counsel, FTI Consulting as restructuring advisor, Lee
Brock Camargo Advogados as local Brazilian litigation counsel, and
Togut, Segal & Segal LLP and Claro & Cia in Chile as special
counsel. The Boston Consulting Group, Inc. and The Boston
Consulting Group UK LLP serve as the Debtors' strategic advisors.
Prime Clerk LLC is the claims agent.

The official committee of unsecured creditors formed in the case
tapped Dechert LLP as its bankruptcy counsel, Klestadt Winters
Jureller Southard & Stevens, LLP as conflicts counsel, UBS
Securities LLC as investment banker, and Conway MacKenzie, LLC as
financial advisor. Ferro Castro Neves Daltro & Gomide Advogados is
the committee's Brazilian counsel.

The ad hoc group of LATAM bondholders tapped White & Case, LLP as
counsel.

Glenn Agre Bergman & Fuentes, LLP, led by managing partner Andrew
Glenn and partner Shai Schmidt, has been retained as counsel to the
ad hoc committee of shareholders.




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E L   S A L V A D O R
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TITULARIZADORA DE DPRS: Fitch Hikes Rating on 2019-1 Loans to B+
----------------------------------------------------------------
Fitch Ratings has upgraded the series 2019-1 loans issued by
Titularizadora de DPRs Limited to 'B+' from 'B-'. The Rating
Outlook is Stable.

This rating action follows Fitch's recent rating actions on El
Salvador's Long-Term (LT) Issuer Default Rating (IDR), as Banco
Cuscatlan de El Salvador, S.A's credit quality continues to be
highly influenced by its operating environment. On May 5, 2023,
Fitch downgraded El Salvador's Long-Term Foreign Currency Issuer
Default Ratings (IDR) to 'RD' from 'CC', following the execution of
an exchange of domestic pension-related debt and subsequently
upgraded El Salvador's IDR to 'CCC+' from 'RD' reflecting the
completion of the debt exchange (please see "Fitch Takes Rating
Actions on El Salvador Following Local Law Securities Debt
Exchange").

   Entity/Debt             Rating        Prior
   -----------             ------        -----
Titularizadora de
DPRs Limited

   Series 2019-1
   Variable
   Funding Loan        LT B+  Upgrade     B-

TRANSACTION SUMMARY

The transaction is backed by U.S. dollar-denominated existing and
future diversified payment rights (DPRs) originated by Banco
Cuscatlán de El Salvador, S.A. (BC). DPRs are processed by
designated depository banks (DDBs) that have executed
acknowledgement agreements (AAs), irrevocably obligating them to
make payments to an account controlled by the transaction trustee.

Fitch's rating addresses timely payment of interest and principal
on a quarterly basis.

KEY RATING DRIVERS

Future Flow Rating Driven by Originator's Credit Quality: The
transaction's rating is tied to the credit quality of the
originator, BC. Fitch's view of BC's credit quality is based on its
intrinsic credit strength and is highly influenced by the local
operating environment (El Salvador; CCC+).

Strong Going Concern Assessment (GCA): Fitch uses a GCA score to
gauge the likelihood that the originator of a future flow
transaction will stay in operation throughout the transaction's
life. Cuscatlán GCA's score of '2' reflects that the bank is
considered large and systemically important in El Salvador, which
is a highly concentrated market. Fitch does not consider direct
support or potential sovereign support in the transaction's rating;
however, the bank could benefit from government assistance to
receive extraordinary shareholder support if required. The score
allows for a maximum of four notches above the Long-Term IDR of the
originator.

Several Factors Limit Notching Differential: The 'GC2' allows for a
maximum four notch-rating uplift from the bank's Long-Term IDR
pursuant to Fitch's future flow methodology. However, uplift is
tempered to three notches due to factors including El Salvador's
lack of lender of last resort, DDB concentration risk, and the
credit quality of the originator as Fitch reserves the maximum
notching uplift for transactions with originators rated at the
lower end of the rating scale

Low Future Flow Debt Relative to Balance Sheet: The future flow
transaction represents approximately 1.2% of BC's total funding and
9.3% of non-deposit funding when considering the current
outstanding balance on the program ($40.5 million) as of March 2023
and utilizing December 2022 financials. Fitch considers these
ratios small enough to differentiate the credit quality of the
future flow transaction from that of the originator, and they do
not currently pose a constraint to the assigned rating.

Strong Coverage Levels Remain Supportive of Assigned Rating:
Considering average rolling quarterly DDB flows over the past five
years (April 2018 - March 2023) and the maximum periodic debt
service over the life of the program, including Fitch's interest
rate stress, the projected quarterly debt service coverage ratio
(DSCR) is 244.0x. Fitch considers this coverage level strong. The
transaction can withstand a decrease in flows of over 99% and still
cover the maximum quarterly debt service obligation. Fitch will
continue to actively monitor the performance of the flows.

Sovereign/Diversion Risks Reduced: The structure mitigates certain
sovereign risks by collecting cash flows offshore until periodic
debt service requirements are met. In Fitch's view, diversion risk
is partially mitigated by the acknowledgments signed by the three
DDBs. The largest DDB, Citibank N.A., continues to process a
majority of flows (75% of DPRs in 2022). While this trend is
decreasing, Fitch believes Citibank's still relatively heavy DDB
concentration exposes the transaction to a higher degree of
diversion risk relative to other Fitch-rated DPR programs in the
region, limiting the overall notching differential.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- The transaction ratings are sensitive to changes in the credit
quality of BC, which in turn is sensitive to changes in the credit
quality of El Salvador and its operating environment. A
deterioration of the credit quality of BC by one notch could pose a
constraint to the rating of the transaction from its current
level;

- The transaction ratings are sensitive to the ability of the DPR
business line to continue operating, as reflected by the GCA score,
and a change in Fitch's view on the bank's GCA score can lead to a
change in the transaction's rating. The quarterly DSCRs are
expected to be more than sufficient to cover debt service
obligations and should therefore be able to withstand a significant
decline in cash flows in the absence of other issues. However,
significant declines in flows could lead to a negative rating
action. Any changes in these variables will be analyzed in a rating
committee to assess the possible impact on the transaction
ratings.

- No company is immune to the economic and political conditions of
its home country. Political risks and the potential for sovereign
interference may increase as a sovereign's rating is downgraded.
However, the underlying structure and transaction enhancements
mitigate these risks to a level consistent with the assigned
rating.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- The main constraint to the transaction rating is the credit
quality of BC and the bank's operating environment. If BC's credit
quality is upgraded by more than one notch, Fitch would consider a
further upgrade to the transaction.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.




=====================================
T R I N I D A D   A N D   T O B A G O
=====================================

TRINIDAD & TOBAGO: Waiver Extension on Sanctions Depends on Maduro
------------------------------------------------------------------
Juhel Browne at Trinidad Express reports that United States
Assistant Secretary of State for Energy Resources Geoffrey R Pyatt
says any extension of the US government's provisional two-year
waiver on sanctions that has cleared the way for the supply of
natural gas from Venezuela's Dragon field to Trinidad and Tobago
"depends on (President Nicolas) Maduro and it depends on what
happens in Venezuela."

The top-ranked US government official in an exclusive interview
said he "was very impressed by the sophistication and understanding
of our policy that" he heard from the "Trinidadian Government"
representatives he spoke with during his two-day visit to Trinidad
and Tobago, according to Trinidad Express.

Pyatt made the comments during an interview at the Hyatt Regency
Hotel in Port of Spain during the final day of his visit to this
country, the report relays.

"This is my first travel as Assistant Secretary in the Americas and
it is really important for me to come first to Trinidad and Tobago.
Both because of the critical role your country has played in the
context of a disrupted energy market as a result of (President
Vladimir) Putin's invasion of Ukraine and the weaponisation of
Russia's oil and gas resources and all of the disruption that has
caused across the world but also because there is so much
possibility here for the energy transition that both of our
countries are committed to as part of our answer to the climate
crisis," Pyatt said, the report discloses.

Pyatt and US Ambassador to Trinidad and Tobago Candace Bond met
with Foreign and Caricom Affairs Minister Dr Amery Browne and
Energy Minister Stuart Young in separate meetings, the report
relays.

Young said in a statement that in addition to the energy
transition, his talks with Pyatt also focused on "developments
taking place with our securing future gas supplies and the positive
effects of same, as well as possible initiatives for regional
energy security for Caricom," the report notes.

In January, the Office of Foreign Assets Control (OFAC) of the US
Department of the Treasury granted a waiver, initially for two
years, of its sanctions on Venezuela's Government led by Maduro,
the report says.

That initial waiver has cleared the way from the US government for
the completion of the deal between the administration in Trinidad
and Tobago led by Prime Minister Dr Keith Rowley for the supply of
natural gas from Venezuela's Dragon field to Trinidad and Tobago,
the report discloses.

Since it may take more than two years for the Dragon gas project to
really get up and running, Pyatt was asked what would happen at the
end of that initial two-year period for the waiver of US sanctions,
the report relays.

"Now it's a really good question," Pyatt responded, "and the short
answer is it depends on Maduro and it depends on what happens in
Venezuela.  What I will say on all of this, however, is I come away
from my discussions here with the Government impressed by the
shared interests that we have in seeing Venezuela move in the
direction of restoring a democratic process that allows the people
of Venezuela to express their will," the report relays.

He spoke about "the fundamental objective" of the US "policy
towards Venezuela," the report discloses.

"We are trying to use these energy sanctions as a mechanism to
catalyse a democratic, political transition that has not yet
happened.  It's hard to predict the future.  The same applies to
the OFAC licences for Chevron, for instance.  So, everybody is
dealing with this uncertainty because we don't know what's going to
happen in Caracas but I come away from my discussions here in Port
of Spain really reassured by the converging values that we have but
also the end state that we share," Pyatt added.

According to international media reports, Venezuela's State-owned
PDVSA has found reserves of 4.2 trillion cubic feet (TCF) of
natural gas in the Dragon field, which is in Venezuela's waters,
the report relays.

According to the latest available data from the Central Bank of
Trinidad and Tobago, as of December of last year, Trinidad and
Tobago's natural gas production stood at 2.635 million standard
cubic feet per day (mmcf/d), 3.391 mmcf/d in December 2019 and
4.074 mmcf/d in December 2014.

As the Government has been pursuing an increase in local natural
gas production, production from the Dragon field would also be of
benefit to T&T which has a liquefied natural gas (LNG) plant in
Point Fortin as well as ammonia, methanol and other downstream gas
plants in Pt Lisas, the report notes.

On April 25, at an event hosted by State-owned National Gas Company
of Trinidad and Tobago Limited (NGC) Young was questioned about the
Government's negotiations with the Maduro administration concerning
the Dragon field project, the report says.

"We continue to be in the midst of negotiations. There are a lot of
negotiations and discussions taking place with respect to the
Dragon field."

Young said that on April 24, he had been "in a meeting with some of
the key stakeholders discussing it, etc," the report discloses.

"So, we are making progress and I expect, well, I hope in the not
too distant future we will be able to talk about the progress we
have been able to make," Young said.

Pyatt said discussions with members of the T&T Cabinet did not end
in Port of Spain, the report relays.

"I have some important messages from the Government that I will
carry back to Washington for the senior level discussions that have
surrounded all of these issues," Pyatt said.

Asked what those messages are, Pyatt responded "I'll keep those to
the government to government channel for now," the report notes.

Prime Minister Dr Keith Rowley met with special presidential
advisor for the Americas, former US senator, Chris Dodd at the
White House, the report relays.  Young also attended the meeting.

"The talks featured extensive discussions which surrounded
progressing Trinidad and Tobago's energy security and the potential
effects of same on Carisom and the wider Americas," a release from
the Office of the Prime Minister stated, the report notes.

Amos Hochstein, State Department senior advisor for Energy
Security; Juan Gonzalez, special assistant to the President and and
NSC senior director for the Western Hemisphere; and Eric Jacobson,
office of Vice President were also present at the meeting.  All
parties agreed to continue working together to secure energy
stability for the region, the report adds.




===============
X X X X X X X X
===============

LATAM: IDB Finds Businesses Need More Innovation & Productivity
---------------------------------------------------------------
Caribbean governments should focus on policies that facilitate
businesses' efforts to innovate and improve productivity, according
to a new report from the Inter-American Development Bank (IDB). The
policies should focus on the constraints expressed by business
owners themselves through enterprise surveys conducted in the
Caribbean.

Reflections on Innovation and Productivity as Caribbean Businesses
Emerge from the Pandemic addressed the question of whether the
Caribbean would return to the slow long-run growth of the
pre-pandemic period. To answer it, the Compete Caribbean
Partnership Facility, a multi-donor, private-sector development
program financed by the IDB, the governments of the United Kingdom
and Canada, and the Caribbean Development Bank, collected
business-level data from nearly 2,000 firms across 13 Caribbean
countries.

The report includes an overview of the past performance in terms of
economic growth and productivity. It then describes the Compete
Caribbean data and summarizes recent research papers analyzing that
data and conclusions from that research. Finally, country sections
draw on the Compete Caribbean database to describe the country
level challenges facing firms in The Bahamas, Barbados, Guyana,
Jamaica, Suriname, and Trinidad and Tobago.

The report's key findings include:

1. Pre-pandemic economic growth performance was relatively poor. In
the twenty years prior to the pandemic, the average growth rate was
far below the average for low- and middle-income countries. The
average growth gap varies from two to five percentage points. The
commodity exporters grew faster than tourism-oriented economies,
although that advantage faded during the second decade of the
century.  Behind this low growth was poor performance in aggregate
measures of productivity.

2. Innovation plays a key role in spurring productivity as well as
a gender-inclusive dimension.  Overall, the evidence shows that
while proactive innovation positively affects business productivity
and efficiency, innovations implemented in response to pressing
external shocks (like the COVID-19 pandemic) do not necessarily
generate gains in terms of efficiency. This insight points to the
relevance of policies geared to continuously promote technological
adoption and business innovations across the entire business cycle.
The evidence also reveals that, while the pandemic shock affected
employment differentially by gender, policies aimed at limiting
female unemployment are not only needed for equity but also are
effective at improving productivity. The evidence presented shows
that firms that effectively mitigated female employment losses,
were also more successful in limiting productivity losses.

3. Each country's business context faces its own challenges. The
report's country sections use the dataset to document the specific
productivity challenges of each country. While access to finance
and infrastructure challenges (e.g., electricity and telecoms) are
common across countries, the depth of those challenges varies, and
other specific issues emerge for each country. Business owners and
managers face their own unique challenges depending on the country
to improve the performance of their companies, both large and
small.

Overall, this report reveals the importance of data and analysis to
unlock the key determinants of productivity and innovation in the
region. The abundant data sets in the book are publicly available
here. "We hope that Caribbean researchers and policy makers will
draw on this database, as a regional public good, that can improve
economic policy design across the region." said David Rosenblatt,
the Regional Economic Advisor for the IDB's Caribbean Department.



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
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Chapman, Editors.

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The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
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