THE WORLD BANK expects the Barbados economy to bounce back from the coronavirus (COVID-19) pandemic next year once the crisis is “short-lived”.
But Martin Rama, the international financial institution’s chief economist for the Latin America and the Caribbean region, urged that this forecast be taken “with a grain of salt”, given the uncertainty surrounding COVID-19’s final impact.
Rama also said it was still unclear if Barbados, which was graduated from funding because of its high income status, would be able to access World Bank financing given the current situation’s unprecedented nature.
In its semi-annual report for the region, titled The Economy In The Time Of COVID-19, the World Bank forecasted that the Barbados economy would contract by 7.7 per cent this year but grow by 4.9 per cent in 2021 and 2.5 per cent in 2022. (SC)
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