Trade in Barbados: Challenges and Options to Boost Growth
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Trade is key for growth, especially in small countries like Barbados—it helps them achieve economies of scale that otherwise would not exist. In recent years, Barbados’ trade performance has been sluggish, with exports highly concentrated in a few markets and in one predominant service sector: Tourism. Overcoming this situation requires pro-diversification efforts—exploring alternatives within the tourism industry given the country’s comparative advantage—and pro-competitiveness measures to support performance in goods’ trade—improving access to new markets for exporters and lowering existing trade costs and barriers.