Based on their forecasts, the Central Bank is more upbeat about Barbados’ economic growth prospects this year than the International Monetary Fund (IMF).
But Central Bank Governor Cleviston Haynes says they are monitoring the deadly coronavirus outbreak as this could potentially harm global tourism and ultimately, the Barbados economy.
The veteran economist also hoped that last year’s record 49 homicides was “an aberration”, since “high crime levels can be a deterrent for tourists”.
Haynes was responding to questions from the media yesterday after the Central Bank reported in its 2019 review that the economy contracted by 0.1 per cent last year.
While in its recent outlook the IMF predicted Barbados’ economy would grow by 0.6 per cent this year, the Central Bank’s forecast is for between 1.25 per cent and 1.75 per cent economic growth. (SC)
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