(Barbados Nation) The Barbados economy has stabilised, but major economic growth still remains elusive.
That is the assessment of the Central Bank of Barbados which reported that some key economic figures were trending in a positive direction though unemployment, averaging 12 per cent, remained a bugbear.
The bank said most of the job losses were coming from the manufacturing sector, finance and professional services, with unemployment claims up and the average period of job search increasing.
Economic growth last year was 0.5 per cent and the Central Bank said prospects for 2012 were for a one per cent improvement in the long term, with two to three per cent growth possible in the short to medium term.
In its much-anticipated review of 2011, the lead economic advisor to the state said tourism earnings, exports, foreign inflows, and revenue from the international business sector were almost enough to finance the country’s $5.5 billion in foreign spending last year.
