IMF Lowers Barbados' Economic Growth Forecast for 2023 and 2024
October 11, 2023
The International Monetary Fund (IMF) expects lower economic growth in Barbados this year compared to previous predictions. The global economy is described as "limping along" and the impact of the Middle East conflict on the economy remains uncertain. Economist Dr Ankie Scott-Joseph highlights imported inflation as a major issue.
The International Monetary Fund (IMF) expects Barbados’ economic growth to be lower this year than was previously predicted.
Having earlier this year forecast the country’s gross domestic product (GDP) will expand by 4.9 per cent in 2023, the international financial institution has lowered this to 4.5 per cent, with economic growth in 2024 projected to be 3.9 per cent.
This was outlined yesterday as the IMF issued its latest World Economic Outlook (WEO) in which chief economist Pierre-Olivier Gourinchas said the global economy “is limping along, not sprinting”. He also said it was too early to state definitely what economic impact there will be from the ongoing Middle East conflict.
Economist Dr Ankie Scott-Joseph is not surprised by the IMF’s latest forecast, warning that Barbados’ economy will continue to be impacted by international risks. She singled out imported inflation as the main problem. (SC)
