The Barbados Central Bank says the country’s strong economic recovery continues to be led by tourism resurgence with growth of ten percent achieved last year but only 4.5 percent projected for this year due to a difficult global economic environment.

The job market also recovered, government finances improved and the debt to GDP ratio declined.

But, Central Bank Governor Cleviston Haynes warns that the government still has targets to meet, finances have to be kept tight and state enterprises need to be reformed.

And he stresses that the country cannot afford any large public sector pay hikes.

Mr. Haynes was delivering the economic review for January to December of 2022 where he noted the rebound of economic activity and jobs.

But the economic conditions overseas will likely slow the pace of recovery.

Mr. Haynes stresses the importance of large capital projects by both the government and private sector.

The Central Bank Governor issued a caution about demands for pay hikes for government employees.

Central Bank Governor, Cleviston Haynes