Barbados Minister Defends Country's Growth Forecast Amid World Bank Report
June 16, 2024
Minister Ryan Straughn defends Barbados' growth forecast despite World Bank's lowered projection by 1.3%. Factors like Wyndham Resorts' impact not considered in the revised 3.7% growth forecast.
Minister in the Ministry of Finance Ryan Straughn is defending this country’s internal forecasted growth for this year, following a just released report by the World Bank, which lowered the projection by 1.3 percentage points.
The World Bank is forecasting economic growth of 3.7 per cent for Barbados this year, down from the 4.4 per cent expansion achieved in 2023 and the 4.1 per cent growth reported by the Barbados Central Bank for the first quarter of this year. It also represents a reduction of the internal projected growth for the year of 4.3 per cent.
However, Straughn said there were several developments on the ground which the World Bank had not factored into its forecast.
“I saw the report and I was a bit surprised. I think that they were not aware of certain things. For example, since the opening of Wyndham Resorts we have seen a lot more activity in relation to what is known as the MICE market,” Straughn explained. (CLM)
