IMF: Marginal growth for Barbados

The International Monetary Fund (IMF) is predicting 0.9 per cent growth for Barbados next  year – the lowest in the 12 Caribbean countries surveyed.

The IMF says Barbados will also be the only country to record negative growth this year.

In its Regional Economic Outlook released today, the Fund predicts that output growth will be – 1.2 per cent in 2014.

Among the other countries Antigua & Barbuda, the Bahamas, Dominica, the Dominican Republic, Grenada, Haiti, Jamaica,
St Kitts and Nevis, St Lucia, St Vincent and the Grenadines and Trinidad & Tobago, it projects the largest growth in 2014 and 2015 will be the Dominican Republic with 4.5 and 4.1 per cent respectively, followed by Haiti (4.0 per cent in both years), St Vincent and the Grenadines (2.3 and 2.9 per cent), and the Bahamas (2.3 per cent and 2.8 per cent).

Overall, the IMF said, economic in the Latin America and Caribbean region is expected to stay in low gear this year.

It said growth remains tepid in most of the Caribbean.

“The tourism-dependent economies are expected to grow on average by 1.4 percent in 2014 and the commodity exporters by 3.2 percent. Reducing high public debt levels remains a key challenge in much of the Caribbean along with further efforts to address long-standing competitiveness problems, notably in the tourism-dependent economies,” it said.

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