Barbadians can expect slow economic growth as a result of Government’s restructuring programme, however, this should only last a few years.
This comment was made by Peter Arender, Chief Investment Officer at Fortress Fund Managers during a press briefing that took place at their office in Hincks Street yesterday afternoon.
“I think the economy here is going to be challenging for a little while, it’s a natural effect of what happens following structuring. There’s a cut of expenditure and raise of taxes and I think it’s now time to see what happens with the business activity here,” he said.
“I think we are going to have a couple years of slow economic growth as the economy rebuilds. Government spending has fallen, and taxes have increased and the fact is that economic growth is going to be slow. That’s just a fact and while they’re other, hopefully constructive things going on in the background that will lead to better growth down the road, that is not going to happen over night, and the things we are going through now are responsible for the growth that is going to come three years down the road, after a couple of years of fairly flat economic growth.”