In spite of the challenges posed by the COVID-19 pandemic, the ash fall from La Soufriere in St Vincent and disruption to the supply chain, not only did Barbados continue to provide social services, the economy also remained on track for growth.
In a Ministerial Statement yesterday in the House of Assembly, Minister in the Ministry of Finance and Economic Affairs, Ryan Straughn, also said the level of debt was manageable.
“While conditions on the international market remain turbulent, prospects for the upcoming tourist winter season remain strong and the sector is expected to contribute to growth going into 2023. Outside of the tourist sector increase, domestic demand has also stimulated economic growth in the wholesale, retail business and other services sector. Manufacturing has also benefited from heightened domestic activity and increased exports to the region,” he said during the April to September 2022 review.
“The increase in costs and quantity of imports, along with the downward revaluation of the investment portfolio due to rising interest rates, has placed additional pressure on international reserves,” he added. (Nation News)