As the International Monetary Fund warns of a rocky global economic recovery ahead, a key expert urges Barbadians to brace for continued high prices but expects the local economic rebound to continue.
The IMF, in its global economic report released today says the world economic outlook is uncertain amid financial sector turmoil, high inflation, ongoing effects of Russia’s invasion of Ukraine, and three years of COVID.
The IMF’s Economic Counsellor and the Director of Research, Pierre-Olivier Gourinchas, forecasts the global economic growth overall will fall from 3.4 percent in 2022 to 2.8 percent in 2023, before settling at 3.0 percent in 2024.
The Fund predicts that advanced economies are expected to see an especially pronounced growth slowdown, from 2.7 percent in 2022 to just 1.3 percent this year.
Meantime, University of the West Indies Pro-Vice Chancellor and Professor of Finance, Dr. Justin Robinson, has been assessing the implications for Barbados of that global economic outlook.
Despite the persisting global economic uncertainty, Professor Robinson expects Barbados to achieve the projected growth target of 3 to 4 percent for this year.
University of the West Indies Pro-Vice and Professor of Finance, Dr. Justin Robinson
