Tuesday, Dec 18, 2018

Economic decline

Economic decline
31 Oct
2018

Barbados' economy contracted in the third quarter registering a 0.5 percent decline.

The update was provided by Governor of the Central Bank of Barbados, Cleviston Haynes as he presented the Bank's latest economic review.

Negative growth of 0.25 percent to 0.75 percent is forecast for the island for 2018.

Mr Haynes says prospects for sustained recovery will be influenced if the island meets the targets set by the International Monetary Fund.

Meanwhile, he also revealed that the unemployment rate currently stands at 9.2 percent.

Governor Haynes says strong adjustments for Barbados are required, and public sector reforms are crucial to medium term recovery.

He says there's a commitment by government to achieve the set targets.

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