The World Bank says Barbados’ economy is on the rebound and forecasts a 10.5 percent economic growth rate for this year and an additional five percent increase next year.
This places Barbados’ estimated growth rate higher than most other countries in the region.
Speaking this morning during the World Bank’s presentation of its regional economic review, the bank’s Latin America and the Caribbean Chief Economist, William Maloney credits this growth to the quick response to covid and the rebound of the tourism sector.
Economies within the region are expected to grow by 2.3 percent this year and a further 2.2 percent in 2023 however; Mr. Maloney blames the slow recovery rate on the covid-19 pandemic and the Russian/Ukraine war.
Voice of: The World Bank Latin America and the Caribbean Chief Economist, William Maloney
