Caribbean Broadcasting Corporation

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Economy on course to meet growth projection target

October 12th, 2022

The local economy is on course to meet its double-digit growth projection target by year-end…and with Government’s new economic plan, Barbados could defy new negative global forecasts issued by the International Monetary Fund for 2023.

Economic Advisor to the Barbados Government, Dr. Kevin Greenidge gave this latest assessment to CBC News.

He’s currently part of Prime Minister Mia Amor Mottley’s team in Washington, for what is the first in-person annual meeting of the IMF and the World Bank in three years.

Now the IMF in a new report, slashed its global growth forecast to around 3%, citing economic pressure from the war in Ukraine, high energy and food prices, and sharply higher interest rates.

Dr. Greenidge however says the new Barbados Economic Recovery and Transformation Plan 2022, will help create the necessary fiscal space to reach the 10-10.5% target set for this year and projections for 5% growth next year.

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