In January, the Central Bank of Barbados shared an optimistic review of the nation’s economic performance for 2023. Governor Dr. Kevin Greenidge reported a 4.4 percent growth in GDP, marking eleven consecutive quarters of real economic expansion. For the first time since the pandemic, GDP surpassed pre-pandemic levels in both nominal and real terms. The tourism sector was pivotal to this recovery, with long-stay arrivals increasing by 18 percent year-on-year.
The economic report also highlighted a drop in the debt-to-GDP ratio to 115.5 percent and a rise in international reserves to $3 billion. However, inflation edged up to 5.2 percent, while unemployment showed a slight increase to 8.3 percent. Looking ahead, the Central Bank forecasted approximately 4 percent growth for 2024.
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Empowering Financial Literacy with the Launch of MoneySmart
In March, the Central Bank unveiled MoneySmart, a digital financial literacy programme aimed at equipping Barbadians with better financial decision-making skills. Governor Greenidge emphasized the long-term nature of the initiative, stating, “We are not only looking to inform and educate people; we are trying to change behaviours.”
The programme introduced three comprehensive modules on saving and budgeting, investing, and borrowing. Participants could also engage with professionals through the “Ask the Expert” column to gain tailored financial advice.
Distinguished Visiting Fellow Programme Resumes After Hiatus
After a four-year break, the Central Bank reinstated its Distinguished Visiting Fellow programme to bring global economic expertise to Barbadians. Winston Cox, a former Governor of the Central Bank and a noted IMF advisor, returned as the seventh fellow.
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During his two-week engagement, Cox shared insights with secondary and university students and participated in the Caribbean Economic Forum. Alongside Governor Greenidge and Dr. Trisha Tannis of the Barbados Private Sector Association, the panel addressed strategies for achieving long-term, inclusive, and sustainable growth in Barbados.
Cultural Milestones and Events Revitalize Community Engagement
The Central Bank’s cultural initiatives continued to flourish in 2023. The 26th Frank Collymore Literary Endowment Competition introduced a spoken-word category, won by Akeem Chandler-Prescod for his evocative piece, In the Summer.
Meanwhile, the Fish and Dragon Festival, a collaboration with the Chinese Embassy, made a vibrant in-person return to the Garfield Sobers Gymnasium after three years of virtual celebrations. This event, aligned with the Chinese Lunar New Year, celebrated the enduring diplomatic ties between Barbados and China through a free street fair.
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Through these diverse efforts, the Central Bank of Barbados has demonstrated its commitment to economic recovery, cultural enrichment, and community empowerment.
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