Barbados’ economy is on a sustainable path to economic growth but there is still much work to be done if the country is to fully emerge from the aftermath of the global economic crisis.
This was emphasised by Minister of Finance and Economic Affairs Chris Sinckler as he delivered the feature address at the Certified General Accountants Leadership And Innovation conference at the Lloyd Erskine Sandiford Centre yesterday.
He said that in response to the economic challenges, Government had maintained its strategy to stabilise the Barbados economy and contain the rate of its most damaging effects.
Sinckler announced that job losses in the private sector had stabilised, leading to an average unemployment rate of 10.5 per cent in 2010. He added that although foreign direct investment levels were not near pre-crisis levels, they were beginning to show signs of recovery.
“We believe on provisional evidence . . . thatthe Government’s programme for recovery in the Barbados economy has begun to work. “Growth . . . has returned to the Barbados economy . . . [there has been a] halt in the levels of decline in key economic sectors and a return of increased output in others,” Sinckler said. (BGIS)
