The worst may be over for the Barbados economy, according to the latest International Monetary Fund (IMF) report.
In its World Economic Outlook released this week, the IMF predicted growth of 2.1 per cent this year, well over the -0.5 per cent forecasted for Latin America and the Caribbean.
In addition, it expects a slightly better growth rate of 2.3 per cent next year, although it predicted a slowdown to 2.0 per cent in 2021.
The latest prediction comes in the wake of a 1.8 per cent growth forecast by the Central Bank of Barbados and 0.9 per cent by the Caribbean Development Bank.
The 209-page IMF report groups Barbados with Latin America and the Caribbean which it said would register negative growth for a second consecutive year but would strengthen next year.
“There are substantial differences across regions and countries. While South America remains heavily affected by the decline in commodity prices, Mexico, Central America, and the Caribbean are beneficiaries of the U.S. recovery and, in most cases, lower oil prices. Indeed, most countries in the region continue to grow, even if modestly,” it said.