Barbados’ debt under control

Barbados’ Prime Minister Mia Amor Mottley addressed concerns about the economy in her Budgetary Speech, stating that there would be no new taxes but adjustments to current rates. She defended the government’s borrowing and insisted that the national debt is not at unmanageable levels. Mottley outlined plans to reduce the national debt to 60% by 2035, with the current debt-to-GDP ratio showing improvement from when her administration took office in 2018. Despite previous downgrades, the economy has seen 11 consecutive quarters of growth and is projected to grow by four percent in the coming year.

Unemployment in Barbados has decreased to eight percent, and the Prime Minister remains optimistic about the country’s economic outlook for 2024. Reserves are also on the rise, with over $3.2 billion and 33 weeks of import cover. Mottley emphasized that despite challenges, Barbados is moving “upward and onward” and is not the economic graveyard that some critics portray it to be. The government’s efforts have led to positive growth indicators and a more stable economic situation compared to previous years.

The Prime Minister highlighted the progress made in addressing the country’s economic challenges, including reducing the national debt and improving GDP ratios. She acknowledged the difficulties faced under previous leadership but emphasized the positive growth trends and employment improvements seen under her administration. Mottley’s Budgetary Speech aimed to reassure the public that the government is taking proactive steps to manage the economy effectively and ensure continued growth and stability.

Mottley’s government has focused on economic growth and stability, implementing measures to reduce debt and improve financial indicators. The Prime Minister’s commitment to avoiding new taxes while making necessary adjustments demonstrates a balanced approach to managing the country’s finances. With a positive outlook for the future and concrete plans to address economic challenges, Barbados is poised to continue its upward trajectory under Mottley’s leadership.

Overall, Barbados’ economy is not as dire as some critics suggest, with the government actively working to address debt levels and promote growth. Mottley’s Budgetary Speech highlighted the positive trends in the economy, including consecutive quarters of growth and lower unemployment rates. The Prime Minister’s reassurances about the country’s financial stability and optimistic outlook for the future demonstrate a proactive approach to managing the economy and ensuring continued progress.