The headline of the Central Bank’s review of the 2nd quarter 2015 performance is 0.5% growth. According to the Central Bank the growth was driven mainly by by tourism and the country is on track to achieve 1% growth for the 2015. BU continues to be very aware growth is being driven mainly by tourism. We note international reserves remains stable because of low oil price on the world market.
There is acceptance a small open economy like Barbados will always be affected by exogenous shocks; however, a more aggressive effort to grow other sectors in the economy must take on more urgency. BU took note of Chief Town Planner’s warning the country needs to encourage greater private sector investment –then the Governor’s boast Barbadians demonstrated confidence in the economy by buying sixty million in bonds becomes more believable. He affirmed that with the exception of Hyatt all other significant projects being reviewed by the Town Planning Department are government led. He did not include Cahill in pending projects.