Government’s most recent austerity measures have prompted the International Monetary Fund (IMF) to reverse its growth projections for the Barbados economy.
Not only has the IMF revised downward its forecast for economic growth in Barbados this year, but it is even more pessimistic about the economy’s prospects in general election year 2018.
The same goes for the financial institution’s prediction about consumer prices here. It expects inflation to escalate by the end of the year and worsen next year because of the fiscal measures introduced in the May 30 Budget.
The IMF officially made the revision in its latest World Economic Outlook (WEO), released during last week’s annual meetings which also involved the World Bank. (SC)
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