Tax-news.com: "Marcello Estevão, head of the recent International Monetary Fund Mission to Barbados, has reported on his delegation’s findings during their five-day staff visit. He stated:
“Barbados has been severely affected by the global economic crisis. In particular, the deep global recession has curbed tourism, affecting related activities such as construction and trade which, in turn, depressed aggregate demand and raised unemployment. As a result, economic activity contracted significantly in 2009 after remaining broadly stagnant in 2008.”
“Despite these hardships, policy moves and other developments have limited the adverse effects of the crisis. International reserves are at comfortable levels, among other things thanks to a successful foreign debt placement last year and the SDR (Special Drawing Rights) allocation."
“Barbados has been severely affected by the global economic crisis. In particular, the deep global recession has curbed tourism, affecting related activities such as construction and trade which, in turn, depressed aggregate demand and raised unemployment. As a result, economic activity contracted significantly in 2009 after remaining broadly stagnant in 2008.”
“Despite these hardships, policy moves and other developments have limited the adverse effects of the crisis. International reserves are at comfortable levels, among other things thanks to a successful foreign debt placement last year and the SDR (Special Drawing Rights) allocation."
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