Concerned that Barbados’ debt and fiscal accounts are “unsustainable”, the Caribbean Development Bank (CDB) is advising Government to introduce additional fiscal consolidation measures.
And CDB director of economics Dr Justin Ram also thinks the Freundel Stuart administration needs to implement measures to “encourage” the private sector to invest in the economy and “absorb any excess labour in the market”.
The economist gave his assessment yesterday when the bank held its annual Press conference at Hilton Barbados. Ram said while Barbados’ major tourism source markets – the United Kingdom and the United States – were recovering, he still expected the local economy to be “sluggish” this year.