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Financial News

Jul 2014 Financial News

Slight growth expected for Barbados

Jul 16, 2014

THE Barbados economy remains on course to realise some positive growth in 2014.

“Based on a forecast of performance in the foreign exchange sectors, the Central Bank continues to project slight growth in 2014, of about 0.3 per cent.We expect the economy to pick up in subsequent years, to 1.2 per cent in 2015 and 2.5 per cent growth in 2016.”

This projection was made yesterday by Dr. Delisle Worrell, Governor of the Central Bank of Barbados, in the Bank’s economic review of the economy’s performance for the first half of the year 2014.
In the last review for first quarter of the year, he stated, “The economy is not expected to grow significantly this year, but a gradual, sustainable recovery, driven by the foreign exchange sectors, is expected in 2015 and 2016.”

Improvements in the Tourism Product

In the outlook, the review highlighted future progress for some projects. “The tourism product is being enhanced by projects recently completed or currently underway, including the first phase of the Port Ferdinand Marina, the Bushy Park Motor Racing Circuit, the Apes Hill Clubhouse, an upgrade of the Sandals south coast hotel, the Central Bank museum, and other upgrades and refurbishment of hotels and tourism amenities, totalling an estimated $355 million. Preparatory technical and financial work is on-going on the major private sector investment projects, including the Four Seasons and Sandals Beaches, and the joint venture cruise ship terminal.

“Prospects are for an increase in airlift capacity out of the major markets for Barbados’ tourism for the upcoming winter season, with increases of 3 per cent, 10 per cent and 20 per cent out of the UK, US and Canada, respectively.”

Tapping into new markets

“A three-pronged strategy for the international business and financial services sector includes continual upgrades of Barbados’ regulatory framework; the extension of the country’s double taxation network; and the development of new markets and products.

“Barbados has recently signed an Inter-governmental Agreement with the US under the FATCA arrangements, and tax treaties with Italy, Vietnam, Belgium, United Arab Emirates, the Slovak Republic and Malaysia are being negotiated.

“New markets are being explored in Latin America and the Middle East, with products tailored to the needs of those markets.

“In the area of green energy, financial and technical work continues in preparation for the construction of a waste-to-energy plant by private enterprise, and the adoption of solar generation by businesses and households continues to accelerate,” the Governor explained. (NB)

 

Source:
Barbados Advocate
Wednesday July 16, 2014

http://www.barbadosadvocate.com/newsitem.asp?more=local&NewsID=37584