HIT BY FIVE STRAIGHT years of negative or no growth, the tourism and construction sectors are now leading the charge in Barbados’ recovery efforts.
Governor of the Central Bank Dr DeLisle Worrell reported marginal growth of 0.3 per cent in 2014 at a time when no growth was expected.
“The economy is poised to achieve growth of about two per cent in 2015,” he said today in the bank’s review of the economy during 2014.
“The tourism industry is expected to benefit from increases of nine per cent and 20 per cent in airlift from the US and Canada, respectively during the winter season. An estimated $300 million of construction activity is currently slated to be underway in 2015, mostly in the private sector,” the Governor said.
Meanwhile, the Central Bank boss made it clear that all the efforts made to reduce the deficit could be retarded unless Government cut additional spending between January and March this year which usually comes in the form of supplementals to ministries and departments. (GE)
