The Central Bank is projecting economic growth to remain less than two percent between this year and next year.
In his analysis of Barbados’ current economic performance issued a short while ago, Governor Dr Delisle Worrell said the increase is based principally on expectations for the tourism sector and on major investment projects planned by the private sector and Government.
“Growth is expected to accelerate slowly from less than one percent in 2014 to about 1.6 percent in 2015 and between 2 percent and 3 percent thereafter,” he said.
“The forecast takes into account the strategies for strengthening the competitiveness of the foreign exchange sectors, and the potential growth of alternative energy production.”
On the issue of investment, Dr Worrell said:
“A conservative estimate of known private sector investments that may be expected to materialise over the next three years is approximately $2.2 billion. In addition, public sector investments and guarantees for infrastructure and participation in foreign-exchange related projects are likely to be about $740 million over that period.”
Strategies for the growth of tourism include improving the visitor experience through sports, cultural, and environmental activities.