Barbados Economy Shows Growth and Stability under PM Mia Amor Mottley's Administration - 2024/25 Budget Update
Prime Minister Mia Amor Mottley reports steady economic growth in Barbados under her administration. Debt has decreased significantly, despite challenges like the pandemic and natural disasters. Unemployment also shows improvement.
Prime Minister Mia Amor Mottley says the Barbados economy is on the right trajectory.
Delivering the 2024/25 Financial Statement and Budgetary Proposals in the House of Assembly on Monday, she said it was predicted to grow by 4%, and through management by the Barbados Labour Party administration, it had also stabilised.
Mottley said the national debt had declined from 178.9% of Gross Domestic Product to 114.6% at the end of February. Additionally, debt service fell from 68 cents out of every dollar in 2018 to 30 cents currently.
This occurred, she reiterated, in spite of the COVID-19 pandemic, extreme weather events, the worst hurricane in (Elsa) in 65 years, a freak storm, and the eruption of La Soufriere volcano in St Vincent & The Grenadines.
“Sir, when the Dems (Democratic Labour Party) left the office in 2018, the national debt, inclusive of the arrears, stood at a whopping $18.1 billion, from $7.2 billion where they inherited it. Mr Speaker, that is what they did,” she said.
The Prime Minister said since her Government took office, it has decreased to $12.859 billion via the debt restructuring exercise and stands at $14.9 billion today.
Mottley said the unemployment rate was around 8% below the historical average of 10.3%. (SAT)
