The World Bank predicts the Barbados economy will grow by 4.6 percent this year, less than half of the rate of growth for last year and that the trend of slower growth will continue for 2024 and 2025.
This prediction has been stated by the World Bank’s Chief Economist for Latin America and the Caribbean, William Maloney, in his economic outlook for the Caribbean and Latin American released today.
The World Bank notes that Barbados’ economy grew by 11.3 percent last year as the number of tourists reached pre-pandemic levels.
It says this allowed the recovery of hotel and retail activities, transportation, and real estate.
The Bank’s chief economist also makes the point that after a pandemic related interruption, implementation of the Barbados Economic Recovery and Transformation (BERT) plan has resumed.
Mr. Maloney says growth is expected to slow to 4.6 percent in 2023, then to 4 percent next year and 3.0 percent in 2025 as tourism returns to pre-pandemic levels and fiscal consolidation will reign in government consumption.
