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IMF reports strong economic recovery for Barbados

March 2, 2024

The International Monetary Fund (IMF) says economic activity in Barbados continued to recover strongly in 2023.

This recovery was driven by tourism and related sectors.

In a statement at the end of a four-day mission to Barbados to review recent economic developments and reform efforts, the IMF delegation, headed by Michael Perks, said real domestic growth (GDP) expanded by an estimated 4.4 per cent, reaching its pre-pandemic level.

According to Mr. Perks, annual inflation remained broadly stable, despite easing international food prices, on account of adverse weather conditions.

He said the current account deficit is estimated to have narrowed to eight per cent of GDP from 10.7 per cent in 2022.

The IMF official added that local authorities continue making strong progress in implementing their ambitious economic reform programme.

He said indicative targets for December 2023 under the Extended Fund Facility (EFF) were met and international reserves rose to 1.5 billion US dollars, equivalent to 7.3 months of imports.

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