IMF: Barbados economy facing major challenges
Published:Saturday | June 7, 2014 | 12:37 PM
The International Monetary Fund (IMF), says Barbados’ economy continues to face major challenges.
These include low growth, a widening fiscal deficit and a high debt burden.
In recent weeks the Barbadian government has sent home numerous public sector employees as it seeks to revitalise an ailing economy.
The country’s unemployment rate rose to 13.2 per cent in the fourth quarter of 2013.
However, an IMF mission, which ended a weeklong visit to the island this week, has warned that real gross domestic growth (GDP) is expected to decline by 0.6 per cent this year as slightly stronger tourism activity is offset by the impact of the government’s deficit reduction efforts.
The IMF mission says inflation is expected to remain subdued and private sector credit growth will remain weak.
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