Rising debt, falling revenue and an overall decline in the economy were the highlights of the last quarter delivered today in an economic check-up by the Governor of the Central Bank of Barbados.
Governor Cleviston Haynes said economic activity during July to September, the period under review, was not enough to stave off a third consecutive double-digit decline in the Barbados economy this year.
For the review period, the economy declined by a whopping 18 per cent to record an overall decline of 16.3 per cent for the first nine months of this year, when compared to 2019.
In addition, there was a slight increase in Barbados’ debt to gross domestic product (GDP) ratio, an increase in Government’s spending and a decline in revenues.
However, Haynes remained optimistic about Barbados’ economic prospects in the coming months, saying he expected “gradual rebound in 2021” and that growth could even reach a double digit.