Barbados’ economic outlook gloomy says Central Bank Governor

The Barbados Central Bank has forecast that the island\'s economy will contract by four per cent this year and remain under stress until the end of 2010.



Bank Governor Marion Williams painted the gloomy picture after announcing yesterday that tourism arrivals were down and an increase in unemployment.



Dr Williams said that the government is concerned that Barbados’ fiscal deficit, which currently stand at seven to eight per cent of Gross Domestic Product, would continue to trend upward.



She disclosed that unemployment in Barbados is edging closer to double figures standing at just under ten per cent at the end of June.



And the central bank governor added that the country\'s job prospects were likely to get worse, with more job cuts being expected.