Barbados: A Time for Change: Country Development Challenges

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Peer Reviewed icon Peer Reviewed
Date issued
Nov 2019
Subject
Sustainable Development;
Climate Finance;
Business Climate;
Access to Finance
JEL code
O54 - Latin America • Caribbean;
H30 - Fiscal Policies and Behavior of Economic Agents: General;
E62 - Fiscal Policy;
H50 - National Government Expenditures and Related Policies: General;
I0 - Health, Education, and Welfare: General
Country
Barbados
Category
Catalogs and Brochures
Barbados is a small tourism based economy accounting directly for 12 percent of real gross domestic product and over 40 percent of GDP when considering indirect spillovers to other sectors. It has several structural constraints to the economy such as low levels of diversification and limited competitiveness. Given the economy's profile this report has identified four key areas that present structural challenges to growth and development. Barbados has enormous potential, but it needs to return to macroeconomic stability and address key constraints to growth.