The Freundel Stuart administration is being warned that the economy will continue to struggle unless foreign direct investment picks up.
In fact, General Manager of the umbrella organization for local credit unions Anthony Pilgrim is further cautioning that despite record arrivals last year, not even the bright spot in tourism would be enough to revitalize the struggling economy.
The head of the Barbados Cooperative and Credit Union League Limited (BCCULL) said Government must get the pending capital projects going without further delay.
“Tourism has been performing reasonably well, but one of the big issues seem to be FDIs, foreign direct investments. We need to get those projects going, we need to attract more foreign investment. Until we do that, I think we will continue to be under some pressure in terms of the foreign reserves,” Pilgrim said.
The credit union leader said he was waiting with bated breath for the latest economic review from Governor of the Central Bank of Barbados Dr Delisle Worrell, in order to find out if the projected growth targets had been met and what are the prospects for 2017.
“But the economy certainly continues to be challenged,” he said.
Minister of Finance Chris Sinckler told Parliament this week Worrell would present his latest report on the economy next Tuesday.