PM: Barbados’ economy on the right track
Prime Minister Mia Amor Mottley says the Barbados economy is on the right trajectory.
Delivering the 2024/25 Financial Statement and Budgetary Proposals in the House of Assembly on Monday, she said it was predicted to grow by 4%, and through management by the Barbados Labour Party administration, it had also stabilised.
Mottley said the national debt had declined from 178.9% of Gross Domestic Product to 114.6% at the end of February. Additionally, debt service fell from 68 cents out of every dollar in 2018 to 30 cents currently.
This occurred, she reiterated, in spite of the COVID-19 pandemic, extreme weather events, the worst hurricane in (Elsa) in 65 years, a freak storm, and the eruption of La Soufriere volcano in St Vincent & The Grenadines.
“Sir, when the Dems (Democratic Labour Party) left the office in 2018, the national debt, inclusive of the arrears, stood at a whopping $18.1 billion, from $7.2 billion where they inherited it. Mr Speaker, that is what they did,” she said.
The Prime Minister said since her Government took office, it has decreased to $12.859 billion via the debt restructuring exercise and stands at $14.9 billion today.
Mottley said the unemployment rate was around 8% below the historical average of 10.3%. (SAT)
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