Afreximbank Highlights Barbados' Economic Resilience and Growth Trajectory in Latest Report
The African Export-Import Bank (Afreximbank) has released a report highlighting the economic resilience of Barbados, noting sustained growth driven by tourism recovery, investment projects, and government support. The country's GDP grew at an average rate of 5.6% from 2021 to 2026, with projections for slower but stable expansion of 1.9% in 2026 and 2.3% in 2027. Barbados has also made significant progress on fiscal consolidation, reducing public debt from 104.1% of GDP to 96%, supported by a primary budget surplus of 4.2%. The government aims for sustained surpluses and further reduction toward 60% of GDP by the 2035/36 fiscal year. A new IMF Stand-By Arrangement worth USD 257 million was approved in June 2026 to support structural reforms. Trade has also strengthened, with total trade rising from USD 4.1 billion in 2018 to an expected USD 6.3 billion by the end of 2026. The Central Bank launched BiMPay, a real-time payment system enhancing financial inclusion and efficiency.
Topics: Barbados economic recovery FMI public debt tourism growth