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The International Monetary Fund (IMF) has completed its February virtual visit to Barbados. Following the meetings, IMF team leader Bert van Selm, issued a statement saying:
“The ongoing COVID-19 pandemic continues to pose economic challenges to Barbados. Tourism has rebounded in recent months, leading to real GDP growth of 1.4 percent for 2021, and 11½ percent in Q4 2021 (over the same quarter in 2020). A gradual economic recovery is expected over the medium term, but risks to the outlook remain high.”
He went on to add that “in this very challenging environment, Barbados continues to make good progress in implementing its ambitious and comprehensive economic reform programme,” and confirmed that Barbados had met all its indicative targets for the end of December 2021.
The statement also referenced both the recently passed Fair Credit Reporting Act, which it believes will “support financial sector development,” and the introduction of a fiscal rule, calling it “a key milestone towards enhancing fiscal sustainability.”
Read the full statement here.