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Barbados Foresees Protracted Recovery,
by Phillip Morton, Investors Offshore.com
Tuesday, December 22, 2009
In an address to the media, Barbados’s Prime Minister David Thompson
said the territory has adapted well to the global economic crisis, but has warned
of a protracted recovery, with its resurgence expected to lag behind major economic
powers.
"Obviously 2009 has been a tough year," said Thompson. "2010, based on all the forecasts,
should be the year in which there will be a reversal of that trend, but obviously
it depends very much on what is happening in the United States of America and
Europe, in particular, and of particular importance to Barbados, Canada.”
"2010 is the year in which we expect growth to resume, and hopefully
for the tourist season," he continued. "The first half of 2010 will be tough. There are no two
ways about it, because it is not expected that growth will resume internationally,
[or] robustly enough to impact on us in the Caribbean immediately.”
Thompson said that the island would be heavily affected by tourism levels
in early 2010, and expressed his hope that they would pick up in the latter
part of 2010. He explained that the government would have to manage
resources tightly in the recessionary period in order to prosper when the global economy
recovers.
Concluding, Thompson said that Barbados had coped “reasonably well in
the circumstances,” noting that it had outperformed many other nations
during the period, and expressed optimism for a return to growth and prosperity.
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