It has often been said that times of crisis can often lead to opportunity for change. Barbados is no stranger to this concept, having faced macroeconomic challenges during the past decade, including low growth, high government spending compared to revenue collection, elevated debt levels and declining international reserves (see Figures 1 to 4). This has led to an ambitious set … [Read more...] about Four key reforms to bring back economic growth to Barbados
The number of refugees is at a record high worldwide and the Caribbean is no exception. How refugees are integrated into the communities that receive them is becoming a key development issue, for the Caribbean and other regions. This blog takes the opportunity to review some key trends and issues relating to refugees in the Caribbean region and analyzes factors that impact … [Read more...] about Improving refugee integration, a Caribbean perspective
For 50 years the Inter-American Development Bank has been partnering with the people of Barbados. Now, at a crucial time in its history, this relationship is stronger than ever. As Barbados’ leading multilateral partner our relationship with the island nation extends far beyond its present macro-economic reform agenda. We’re looking ahead to the next 50 years, taking it five … [Read more...] about A New Chapter of Engagement
Gross Domestic Product (GDP) is a widespread measure of economic performance that captures the value of all goods and services produced in a country during a specific period of time (e.g. one year). Yet, there are two key challenges when estimating GDP: i) How to capture the whole economy; ii) how to estimate the value added of all goods and services produced. Given that GDP is … [Read more...] about An imperfect measure with major implications
Caribbean countries face serious fiscal and debt challenges. As recorded in the most recent OECD Latin American and Caribbean Economic Outlook 2018, two Caribbean countries hold the highest debt in the region: Barbados and Jamaica. Public debt by currency and legislation, circa 2016 (central government, % of GDP) Source: OECD Latin American and Caribbean Economic Outlook … [Read more...] about Are fiscal rules the solution to the Caribbean’s fiscal woes?