The Central Bank of Barbados has forecast 2% growth for Barbados in 2011 and 3% in the post-period. The international business sector is expected to benefit from the forecasted global turnaround and the signing of new tax treaties.
In its 2010 Annual Review released January 11, 2011, the Central Bank indicated that the Barbadian economy recorded some positives in spite of the continued challenge of the depressed global situation. Several sectors recorded improved performances. Notably, tourism and international business, two of the key sectors driving economic recovery, saw improved performances registering minor growth and a lesser contraction respectively. Foreign exchange reserves remained almost on par with 2009 levels and receipts from export of local goods grew by 17%. Overall, the Barbados economy contracted by 0.4%, a stark improvement from the 4.7% in 2009.
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