S&P revises Barbados outlook to positive

S&P said it revised its outlook for Barbados to positive from stable and affirmed its B- long-term foreign- and local-currency sovereign credit ratings.

“We expect strong growth in 2023 following exceptional results in 2022. Our forecast GDP growth of 4.3% in 2023 incorporates continued recovery following events in 2020 and 2021, notably the pandemic and physical events such as the ashfall from the nearby volcanic eruption in St. Vincent and the effects of Hurricane Elsa. Once Barbados' economy has recovered from these shocks, we expect growth will trend toward historical levels of 1.9% in the next few years.

“There is uncertainty in the global macroeconomy, which we believe raises the risks for Barbados' economy over the next few years,” S&P said in a statement.

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