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Haynes: Output slides

Haynes: Output slides
Central Bank Governor Cleviston Haynes. (Picture by Sandy Pitt.)

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The COVID-19 pandemic continued to hammer the Barbados economy in the last quarter, keeping it deep in recession.

Central Bank Governor Cleviston Haynes reported yesterday during his third quarter press conference that even though economic activity was stronger between July and September, after the country was reopened, economic output fell by 18 per cent in that period.

Following an overall economic contraction of 16 per cent in the first nine months, and prediction of a double-digit slide for 2020, Haynes said the Central Bank expected the economy to “rebound gradually in 2021”.

But the economist said the global economic situation was so uncertain, with tourism recovery holding the key, that he did not think the International Monetary Fund’s (IMF) forecast that Barbados would have 7.4 per cent economic growth next year was “unreasonable”. (SC)

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