THE CENTRAL BANK has reduced its growth forecast for the economy, lowering its 2015 growth prediction of “between 1.5 and two per cent” to “about one per cent”.
Governor Dr DeLisle Worrell announced the changed position yesterday in the bank’s half-year review, which showed that the Barbados economy “expanded by an estimated 0.5 per cent” during the first half of the year, thanks to an “encouraging” tourism performance.
“Growth of about one per cent is now expected this year, rising to a range of two to two and a half per cent for the next three years. Tourism and construction should be the main drivers. Recent efforts to enhance the tourism product and enrich the visitor experience are beginning to take effect,” Worrell said.
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