BRIDGETOWN, Barbados – In January, the Central Bank of Barbados published its review of Barbados’ economic performance in 2023.
During his presentation, Governor Dr Kevin Greenidge revealed that the economy had grown by 4.4 percent during the year, marking eleven consecutive quarters of real GDP growth. He further confirmed that GDP was now larger in both nominal and real terms than it had been pre-pandemic. Tourism drove the economic recovery, with long-stay arrivals increasing by 18 percent year on year.
The report showed that the debt-to-GDP ratio had fallen to 115.5 percent and international reserves had increased to $3 billion, however inflation had risen to 5.2 percent and there was a slight uptick in unemployment, which stood at 8.3 percent. At the end of the review, Governor Greenidge gave the bank’s outlook for the economy, projecting approximately 4 percent growth during 2024.
The bank launches a digital financial literacy programme
In March, the bank introduced MoneySmart, its digital financial literacy programme. Speaking at the initiative’s official launch, Governor Greenidge revealed the bank’s goals for the programme:
“It’s a marathon; it’s not a sprint. We are not only looking to inform and educate people, we are trying to change behaviours. And changing behaviour takes a while… If I can see Barbadians investing more, saving more… I would say we’ve had a successful programme. If I can see persons making better decisions about saving and paying down debt, making more informed decisions, I would say we had a successful programme.
Throughout the year, the bank rolled out three modules focused on saving and budgeting, investing, and borrowing. The public was also able to pose their questions and get professional financial advice through the programme’s Ask the Expert column.
The bank’s distinguished visiting fellowship programme returns
After a four-year hiatus, the bank restarted its Distinguished Visiting Fellow programme, which is intended to expose Barbadians and Caribbean nationals to eminent international economists. Winston Cox, the bank’s fourth Governor, who later served as an adviser to the International Monetary Fund (IMF) and deputy secretary-general of the Commonwealth, returned to the bank as its seventh fellow.
During his two-week visit, he met with secondary and university-level students to share insights from his career before participating in the programme’s flagship event, the Caribbean Economic Forum, alongside current Governor, Dr Kevin Greenidge, and Dr Trisha Tannis, chair of the Barbados Private Sector Association, where they discussed “Achieving Long-Term Inclusive and Sustainable Growth for Barbados.”
Other activities
The bank’s long-running Frank Collymore Literary Endowment Competition introduced a new spoken-word category for its 26th edition. Akeem Chandler-Prescod, a previous entrant in the main competition, took first prize for his submission, “In the Summer.”
Another of the bank’s cultural outreach activities, the Fish and Dragon Festival, a collaboration between the Bank and the Embassy of the People’s Republic of China in Barbados held made a welcome return to the Garfield Sobers Gymnasium after three years of being held virtually due to the COVID-19 pandemic. The free street fair coincides with the Chinese Lunar New Year and celebrates diplomatic relations between Barbados and the People’s Republic of China.
