Barbados does not suffer from the same extremes of social division as other Caribbean countries. Bajans have an exceptionally  high quality of life for a developing country. Action against drug-trafficking since the 1990’s has made security and defence a significant item of expenditure.

Since its independence from the United Kingdom in 1966, Barbados has developed a robust economy with a GDP of USD $4.3 billion, which is the fourth highest in the Eastern Caribbean. In the post-independence period, the Barbados economy has evolved from an agrarian economy to a service-based one led by tourism and international business. The island’s banking system has the distinction as being recognised as the fourth most stable in the Western Hemisphere by the World Economic Forum’s Global Competitiveness Report 2014-2015.

It’s primarily a service economy. The main sources of income are Tourism, which accounts for over 12% of GDP, and Financial Services. There is a small light manufacturing industry and an even smaller agricultural sector.

Most items imported into Barbados are subject to duty. This varies depending on the product category but as examples are 40% on fruit and vegetables and 45% on motor vehicles, which makes many foodstuffs and consumer goods expensive.

Once known as ‘Little England’, Barbados’ political system has withstood the test of time and earned it the Number 1 position by Transparency International’s freedom from corruption index in the Caribbean and Latin America.

In May 2018 the Barbados Labour Party, led by Mia Mottley, won a landslide victory, taking all 30 seats and ousting the Democratic Labour Party. There is much enthusiasm amongst Bajans that after years of mismanagement and corruption the new Government will create real change to help boost the economy and make Barbados more self sufficient.

 

 

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