Central Bank reports mild economic recovery

Central Bank reports mild economic recovery

The Barbados Central Bank says a mild economic recovery has commenced and is predicting modest economic growth for this year overall.

This has been disclosed by Central Bank Governor Cleviston Haynes delivering the economic review for the first half the year.

Mr. Haynes noted, however, that there is still much less money circulating in the economy.

Meanwhile, Hurricane Elsa and the Ash Fall required government to incur significant unplanned expenses.

The Central Bank Governor also pointed out that the economic recovery was held back as the tourism sector remained depressed due to the prolonged nature of the covid-19 pandemic which caused more lockdowns and travel restrictions to be imposed overseas.

As a result tourism arrivals for the first half of the year were almost 90 percent lower than the same period a year earlier.

Mr. Haynes expects the Barbados economy to achieve growth of up to three percent this year, hinging on the expected tourism recovery.

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