Economic prospects Looking forward, the international prospects for 2009 are not very encouraging. The IMF is projecting a deceleration in global growth this year to just half a percent. This is in sharp contrast to growth of 5.2% and 3.4% respectively, in 2007 and 2008. Furthermore, projections of a gradual recovery in 2010 are extremely tentative.
With the slowing of economic activity in Barbados’ main trading partners expected to continue through the end of 2009, and possibly beyond, a downturn in the domestic economy is anticipated. Tourist arrivals are set to fall, with knock-on effects on the wholesale and retail, transportation, storage and communication and business and other services sectors.