Economists are predicting a significant slowdown of the pace of the Barbados economic recovery this year and believe it’s doubtful the growth target of 4 to five percent for 2023 will be achieved.

That assessment comes a day after the IMF head said that a third of the global economy will be in recession this year due to fall-out from the Ukraine war, rising prices, higher interest rates and the spread of covid in China weighing on the global economy.

UWI Pro-Vice Chancellor and Professor of Finance Dr. Justin Robinson notes the Barbados Central Bank’s forecast of economic growth of 4 to five percent for 2023 but believes the global environment makes achieving that doubtful.

Professor Robinson expects that tourist arrivals from the key UK market will be affected.

He believes a lot will depend on government getting its capital works program started to help boost economic activity.

UWI Pro-Vice Chancellor and Professor of Finance Dr. Justin Robinson…