The Barbados Central Bank projects that the economy could grow by up to nine percent next year as it notes that a tourism and overall economic recovery has commenced but warns a lot hinges on a having strong tourism rebound.
This has been outlined by Central Bank Governor Cleviston Haynes in an address this morning to the quarterly general meeting of the Barbados Hotel and Tourism Association.
He stated that the covid-19 pandemic has had a severe impact on the Barbados economy, causing a collapse of the tourism sector and an 18 percent decline in GDP last year
However a turnaround is underway.
He says the pandemic forced government to borrow heavily and it will need to continue to do so for a while longer including from the Central Bank itself before returning to a path of fiscal consolidation.
Central Bank Governor Cleviston Haynes..
The Barbados Hotel and Tourism Association reports that tourism recovery has commenced with significant airlift but with the rebound uneven across the sector and cruise business off to a slow restart.
There’s also concern about Barbados’ slowing vaccination rate as the tourism players push for a total lifting of the curfew which has been a concern for overseas tour operators.
The situation was outlined by BHTA Chairman, Geoffrey Roach and CEO Senator Rudy Grant during today’s quarterly general meeting.
Senator Grant disclosed that the sector has been pushing for removal of the curfew but notes that depends on Barbados hitting a certain vaccination target.
Senator Grant notes that the safe zones did not come into place on December 1st as originally announced but disclosed the BHTA wants safe zones rules to apply to guests and staff.
Senator Grant expects a social partnership meeting to take place soon on these issues.
