Strong economic outlook despite worrying IMF global report

Barbados’ strong economic outlook is holding firm in the face of a new worrying global report from the International Monetary Fund.

The IMF is now predicting the world economy will grow by just 3.6% this year, slashing its initial forecast by 0.8% due to the fallout from Russia’s invasion of Ukraine.

However, in the same report, the Fund says Barbados is still on track for double digit growth, even improving its outlook for the island.

Giving his assessment, Senior Economic Advisor to the Government Dr. Kevin Greenidge explains Barbados’ major source markets have only experienced very limited economic fallout from the war in Ukraine.

He says the tourism sector and an uptick in employment are leading the charge.

Dr. Greenidge however admits it will be difficult for Government to fully shield consumers from price increases across the board.

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Lorna Jones

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