With %.5.5 increase in economic activity between April and June quarter of 2021, this gave a hint that Barbados has been making efforts to overcome the recession.
Governor of the Central Bank of Barbados Cleviston Haynes, while giving his prediction of 1 to 3 economic growth rate in this year he said that growth in the second quarter was weaker than expected.
While addressing, Haynes added that a lot of the island’s recovery on the return to a vibrant tourism sector has been because of the vaccination of the population had been a significant factor in that process.
CBI Governor Cleviston Haynes said that as a country, it has seemed to him that it was the national interest for as many persons as possible to be vaccinated clearly in terms of taking care of themselves, but beyond that, he thoughts that if the economy has to rebound quickly, they should also have been able to provide some comfort to those who might want to visit there who have been vaccinated.
A lot more people residing in developed countries were vaccinated and had been demanding for travelling. The Central Bank Governor regarding that said most of them have been planning to go to the other countries where they believed that the risks related to their lives because of COVID-19 would be lesser.
CBI Governor said that doesn’t eliminate the risk, but they wanted to make sure there has been a low level of risk in the country they were going to. So, from a national perspective, that would seem to him that it was in everyone’s interest that they could increase the level of vaccination.
While giving his economic review of the second quarter of 2021 on Wednesday, Haynes said the economy’s performance continued to be governed by the protracted global presence of the COVID-19 pandemic, which resulted in a dramatic falloff in tourism and a national lockdown in February.