Barbados Update: Economic Growth Looking Up

• Barbados’ economy has grown for the ninth consecutive quarter, expanding by 3.9% in the first six months of the year.
• However, Central Bank Governor Dr Kevin Greenidge stressed that for the country’s economic fortunes to continue improving, there is a need for a major injection of investment, especially from the private sector.
• The economy is expected to grow by between 4%-5% overall this year, with a boost expected in the coming months from the return of a full Crop Over Festival itinerary and the anticipated opening of the Wyndham Sam Lord’s Hotel.
• That being said, Barbados’ growth forecast hinges on a somewhat strong performance in the tourism sector to drive broader economic activity through channels such as direct employment, and service exports, along with construction and agriculture and fisheries.
• The diversification of other revenue streams and foreign direct investments in the sovereign is therefore needed to ensure the economic rebound of Barbados.

(Source: Nation News)