1945

The GDP of Barbados grew for the fifth consecutive year since the recession of 2001, this time by 3.8%. As in the previous year, growth in 2006 was boosted by the domestic economy, with both construction and basic services showing growth of almost 7%, while traditional export sectors such as tourism and manufacturing stagnated. The imbalance between growth in sectors that cater to the external and domestic markets is worrisome, particularly because the economy of Barbados operates under a fixed exchange rate regime whose sustainability depends on international reserves and therefore on its capacity to generate or attract foreign exchange. The planned removal of exchange controls in 2007, part of the gradual integration of the CARICOM Single Market and Economy (CSME), will accentuate the need to stimulate the foreign exchange-generating sectors. The National Strategic Plan of Barbados 2006-2025 lays out strategies to enhance competitiveness and strengthen the brand image of Barbados in world markets.

Related Subject(s): Economic and Social Development
Countries: Barbados
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