IMF predicts economic growth in B’dos

The International Monetary Fund is predicting the Barbados economy will grow by 4.5% this year.

The figure is contained in the IMF World Economic Outlook, released today.

This is on par with the Central Bank of Barbados prediction in July, which suggested real GDP was on track to grow by about 4-5%, contingent on a continued recovery in tourism activity and increased private sector investments.

The IMF report is however forecasting the island will experience a slower rate of growth next year, of 3.9% and 2% in 2028.

The island’s current account deficit is also expected to improve.

While imports will continue to outstrip exports, the forecast is for 8.5% of GPD this year, falling to 7.8% next year and 5.4% in 2028.

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