The Central Bank reports the Barbados economy declined by 0.1 per cent last year but that there were signs of economic recovery commencing during the second half of 2019, it forecasts economic growth of around 1.5 per cent in 2020.
This was disclosed by Central Bank Governor Cleviston Haynes this morning as he reviewed the country’s economic performance in 2019.
He indicated that while the economy remained sluggish especially during the first half of last year, there were several bright spots such as the strengthening foreign reserves and improvement of the government’s finances.
Mr. Haynes says government’s fiscal consolidation efforts will have to continue and will be key to the improvement of Barbados’ international credit rating.
The central bank governor expects a better economic performance this year.