By Central Bank of Barbados
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- 2025: A look back: Part 1
BRIDGETOWN, Barbados – In January, the Central Bank of Barbados published its review of Barbados’ economic performance in 2024.
Governor Dr Kevin Greenidge reported that the economy grew by 4 percent, representing the third straight year of expansion. Strong performances in the tourism, business services, construction, and retail sectors led this increase in GDP. The review also revealed that inflation, the rate at which prices increase, had slowed, and the unemployment rate was on the decline. The news on other key economic indicators was similarly positive: international reserves had reached a record $3.2 billion, the equivalent of 31.2 weeks of imports, and the debt-to-GDP ratio had been reduced to 103 percent.
Governor Greenidge, delivering the bank’s outlook for 2025, forecasts that the economy would grow by approximately 3 percent and that inflation would continue on its downward trajectory.
Also in January, veteran writer Nailah Folami Imoja took the $10,000 top prize in the 27th Frank Collymore Literary Endowment (FCLE) Competition for her fictional work, “Jamaica’s Exam,” while in the nascent spoken-word category, Akeem Chandler-Prescod reclaimed the $5000 first prize with a piece entitled “Monsters are Real.”
Speaking at the awards ceremony, deputy governor Elson Gaskin emphasised the importance of literature to national identity and culture:
“Each poem, short story, novel, or play by a Barbadian writer, each piece of spoken word performed, enriches the tapestry of our nation. It reminds us of our shared struggles and triumphs, our rich cultural heritage, and our unyielding spirit. By supporting our writers, we strengthen our identity as Barbadians and assert our place in the global literary community…”
The FCLE continues to create a space for literary arts to thrive in Barbados, with judging for the 28th edition of the competition underway and the awards ceremony scheduled for January 10, 2026.
The fish and dragon festival thrills Barbadians
The bank and the embassy of the People’s Republic of China in Barbados hosted the annual Fish and Dragon Festival at the Garfield Sobers Gymnasium, featuring a vibrant performance by the Zhejiang Wu Opera Troupe of China. The festival, now in its eleventh year, symbolises the long-standing friendship between Barbados, represented by the fish, and China, represented by the dragon.
The event, which is held to coincide with the Chinese lunar New Year, has become highly anticipated by the public, something deputy governor Alwyn Jordan highlighted in his remarks at a special gala performance by the troupe:
“…This exchange of cultures has grown, becoming a highlight of many Barbadians’ calendar of activities. In this vein, we saw the enthusiasm with which Barbadians and Chinese of all ages and walks of life embraced its return to an in-person event after three years of hosting the festival virtually.”
During the quarter, the bank issued a Request for Proposals (RFP) for the development of a national instant payment system; the International Monetary Fund (IMF) completed its visit to Barbados, highlighting the country’s strong economic performance and progress in making key reforms; and the annual Balance of Payments survey, which captures information on transactions between residents of Barbados and external parties, opened.
