Barbados still in recession: Haynes

Barbados still in recession: Haynes
Governor of the Central Bank Cleviston Haynes, speaking at the press conference yesterday, said the economy needs investment to grow. (Picture by Lennox Devonish.)
Governor of the Central Bank Cleviston Haynes, speaking at the press conference yesterday, said the economy needs investment to grow. (Picture by Lennox Devonish.)

(BARBADOS NATION) — Barbados remains in recession, with the economy contracting by an estimated 0.2 per cent in the first quarter.

And while economic growth is predicted to be no more than 0.25 per cent this year, Central Bank Governor Cleviston Haynes says he believes the island can achieve the “spurt in growth” it needs.

He also announced that a team from the International Monetary Fund (IMF) will be in Barbados next week to check the progress of the economic reforms, as Government prepares to receive another US$49 million from the Fund.

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