Barbados: Fourth Reviews Under the Extended Arrangement Under the Extended Fund Facility and the Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Alternate Executive Director for Barbados
IMF Staff Country Reports, December 23, 2024
Source details
- Canonical URL
- Barbados: Fourth Reviews Under the Extended Arrangement Under the Extended Fund Facility and the Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Alternate Executive Director for Barbados
Other formats
Bibliographic details
- Published: December 23, 2024
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400295621.002
Summary findings
- Barbados’ economic growth remained robust in 2024, driven by strong tourism, business services, and construction.
- The Barbadian economy expanded by 3.9 percent year-on-year between January and September 2024.
- Inflation has moderated.
- The external position has continued to strengthen.
- The public debt-to-gross domestic product ratio has continued to decline.
- Labor market conditions improved, with unemployment in the first half of the year falling to its lowest level since 2008.
- The authorities are advancing an ambitious climate policy agenda, including tabling a new Electricity Supply Bill to enhance competition in the electricity market and encourage local participation in renewable energy investment.
Economic performance and external position
- Growth drivers: tourism, business services, construction.
- Output: expansion of 3.9 percent year-on-year between January and September 2024.
- External metrics: described as continuing to strengthen (no additional numeric detail provided in source).
Labor market
- Unemployment in the first half of 2024 fell to its lowest level since 2008 (no numeric unemployment rate provided in source).
- Labor market improvement is presented in the context of the 3.9 percent GDP expansion.
Public debt and fiscal context
- Public debt-to-gross domestic product ratio has continued to decline (no numeric debt-to-GDP ratio provided in source).
- The report is situated within the Fourth Review under the Extended Arrangement under the Extended Fund Facility and the Arrangement under the Resilience and Sustainability Facility.
Climate policy and energy sector reforms
- Authorities advancing an ambitious climate policy agenda.
- A new Electricity Supply Bill has been tabled with objectives to:
- enhance competition in the electricity market;
- encourage local participation in renewable energy investment.
Content in this bundle
- 1brbea2024002-print-pdf