(Barbados Nation) Fallout from the coronavirus (COVID-19) pandemic is so serious that it is likely to see Barbados suffering its biggest economic contraction since World War II.
Central Bank Governor Cleviston Haynes said the outlook for 2020 projected a 12 to 13 per cent decline in economic activity this year, and he called the situation “rather sobering”.
The veteran economist said this forecast, which followed a three per cent economic decline in the first quarter, could change given the fluid nature of the COVID-19 crisis.
He was speaking in an online press conference yesterday during which he reviewed the economy’s first quarter performance.
The governor said the positive note was that the gross international reserves grew by $94 million and Government achieved the targeted primary balance surplus equivalent to six per cent of GDP for fiscal year 2019/20 – about $600 million.
