Tourism recovery critical, says Haynes
A robust performance by the tourism sector will be a critical factor in the rebuilding of a Barbados economy battered by the impact of the COVID-19 pandemic.
So said Governor of the Central Bank Cleviston Haynes in an address to the Barbados Hotel and Tourism Association (BHTA) yesterday.
He pointed out that such a performance was necessary to the generation of foreign exchange earnings and to accelerate growth in support of Government’s fiscal consolidation efforts and promotion of debt sustainability and said this was a “reality” that could “not be ignored”.
Speaking during the BHTA’s virtual Fourth Quarterly meeting, Haynes said the impact of the COVID pandemic on economic activity had “depressed” Government’s revenue, including from tourism-related taxes, causing it to raise expenditure as it sought to broaden the safety net and allocate more resources to address the spike in health care costs. (GC)
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