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Economic Survey of Latin America and the Caribbean 2010-2011

International Integration and Macroeconomic Policy Challenges Amid Global Economic Turmoil

image of Economic Survey of Latin America and the Caribbean 2010-2011

This publication is issued annually by the Economic Development Division of the Economic Commission for Latin America and the Caribbean (ECLAC). This sixty-third edition of the Economic Survey looks at the nature of the recovery from the financial global and economic crisis whose fallout spread across the region in the second half of 2008 and in 2009. It also delves into the challenges posed by highly liquid conditions in international financial markets combined with high prices for the region’s key commodities. Finally, it analyzes the situation in the countries of Latin America and the Caribbean during 2010 into the first part of 2011.

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Barbados

Barbados seems to be slowly recovering from the negative impacts of the recent global financial crisis. According to estimates released by the Central Bank of Barbados, the economy picked up in 2010, with 0.3% real GDP growth, after two years of negative economic performance. Tourism was the main contributor to this upturn, with value added growing by 3%, and this sector now accounts for 14.7% of GDP. Although the fiscal deficit remained high by historical standards, there was a slight improvement as it measured 8.5% of GDP. The government remains concerned about the public debt stock, which reached 102% of GDP in 2010, and fiscal consolidation remains a top government priority. Growth in tourism will remain vital to the economy, but the sector’s performance is expected to be modest with revenue below the pre-crisis levels. Nevertheless, supported by a recovery in the financial services sector and increased private capital flows to fund a number of projects, the Barbados economy is projected to grow by 2% in 2011.

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