CDB economics boss hints at severe downturn
(Barbados Today) The Caribbean Development Bank’s top economist appeared to signal an impending depression is likely for the region as the global health crisis drags on.
From an increase in poverty and unemployment, to high national debt levels and low productivity are some of the far-reaching impacts from the COVID-19 pandemic facing Barbados and its neighbours, said the CDB’s director of economics Justin Ram.
In his assessment of the pandemic, Ram said it would have sweeping economic implications for individuals, businesses and countries as various industries grind to a halt or slow down and people lose jobs and governments spend more.
Calling on international financial institutions – including his own – to act to defend regional economies, the CDB official said the multilateral financial institutions such as the International Monetary Fund, the World Bank and the Inter-American Development Bank and Caribbean Development Bank must play “a coordinated and significant role”.
“Bilateral partnerships will also be necessary,” he said.
Read more at: Barbados Today