Barbados News Business

Government should increase spending strategically

A strategic increase in government spending is what is needed now to stimulate the local economy.

That’s the recommendation from Chief Economic Counsellor to the Prime Minister, Ambassador Dr. Clyde Mascoll.

He says despite a 15 percent decline in the economy, Barbados has the space to increase spending because foreign reserves have continued to grow throughout the pandemic.

Those reserves now stand at 2.1 billion dollars or close to 30 weeks of import cover.

Ambassador Mascoll believes a key area for government spending going forward should be alternative energy.

Chief Economic Counsellor to the Prime Minister, Ambassador Dr. Clyde Mascoll

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