Economy is making a shift, forum told

Article by GE

AN INTER-AMERICAN DEVELOPMENT BANK (IDB) expert says Barbados’ economy is shifting from one that relies heavily on Government to one where growth is led by the private sector.

Camilo Gomez Osorio, senior economist with the bank, made the comments as he addressed members of the local private sector during a Royal Bank of Canada (RBC)-hosted economic forum at Hilton Barbados last week.

“Barbados’ economy is undergoing a structural transition, a shift from a significant public sector contribution to growth at above 15 per cent of GDP to a deeper private sector-led engine of growth,” Osorio said.

According to him, the bank’s new country strategy for Barbados 2015-18 aims to support this transformation by focusing on fostering private sector competitiveness, while addressing constraints to growth in key sectors of tourism, transportation and logistics, energy and coastal zone management and climate resilience. (GE)

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