Barbados: 2023 Article IV Consultation and Second Reviews Under the Arrangement Under the Extended Fund Facility and Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for

2023 Article IV Consultation and Second Reviews Under the Arrangement Under the Extended Fund Facility and Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Barbados

Author: International Monetary Fund. Western Hemisphere Dept.

Barbados: 2023 Article IV Consultation and Second Reviews Under the Arrangement Under the Extended Fund Facility and Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Barbados

Volume/Issue: Volume 2023 Issue 436

Publication date: December 2023

ISBN: 9798400264153

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Topics covered in this book

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Money and Monetary Policy , Public Finance , Business and Economics - Statistics , International - Economics , Environmental Economics , Public Policy- Environmental Policy , RSF arrangement , growth potential , climate change impact , climate policy agenda , sector policy , Climate change , Climate finance , Climate policy , Caribbean , Global

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Summary

The authorities are implementing their updated Economic Recovery and Transformation Plan (BERT 2022) and their ambitious climate policy agenda. Barbados has weathered the COVID-19 pandemic and other recent shocks well, amid continued macroeconomic stability. The economy has recovered strongly, driven by a rebound in tourism. The authorities are placing renewed focus on structural reforms with the aim of achieving inclusive and sustainable growth and increasing resilience to climate change while maintaining debt sustainability and social cohesion. Ample international reserves support the exchange rate peg.