BARBADOS’ ECONOMY is struggling to find real growth despite a double digit increase in tourist arrivals and $144 million in savings on fuel imports.
As he reported that the economy grew by 0.3 per cent up to the end of last month and was projected to grow by 0.5 per cent for all of this year, Central Bank Governor Dr DeLisle Worrell said the island’s prospects would “depend heavily on the success of Government’s medium-term programme for growth and fiscal adjustment”.
He also asserted that “the principal factors affecting the near-term growth outlook are the prospects for tourism and the implementation of major private and Government-funded investment projects”.
Giving the Central Bank’s review for the first three quarters of this year, he said the good news was that Barbados had an “encouraging” tourism performance with arrivals increasing by 14.5 per cent up to the end of last month. (SC)
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