Afreximbank Releases Barbados Country Brief Highlighting Economic Resilience and Reform-Driven Growth
The African Export-Import Bank (Afreximbank) has published a country brief on Barbados, highlighting its economic resilience post-pandemic. GDP growth averaged 5.6% from 2021 to 2026 due largely to strong tourism inflows and government support for businesses. Growth is projected at 1.9% in 2026 and 2.3% in 2027, supported by ongoing investment projects and structural reforms. Barbados has successfully completed its IMF-backed BERT program with a new USD257 million Stand-By Arrangement approved for the next phase of reform. Public debt has decreased from 104.1% to 96% of GDP since FY2023/24, supported by primary fiscal surpluses and medium-term targets aimed at reducing it further toward a 60% anchor point. The country's external trade position is strengthening with total goods and services trade expected to reach USD6.3 billion in 2026. The Central Bank of Barbados has also launched BiMPay, an instant payment system enhancing financial inclusion and infrastructure efficiency.
Topics: GDP growth government policy IMF program public debt tourism