Since 2008, the Government of Barbados has been forced by the turbulent and inhospitable global economic environment to navigate the Barbadian economy through the most severe and sustained global economic crisis in our history. In response, Government rolled out a Medium-term Development Strategy 2010-2014 and a Medium-term Fiscal Strategy 2010-2014, in the strategic thrust to achieve economic stabilisation, adjustment and growth. To the extent that any real growth prospects were dependent on the upturn in the global economy, the protracted nature of the global downturn led to the postponement of any significant real growth. The government of Barbados was, however, successful in keeping the Barbadian economy stable by maintaining a comfortable level of foreign exchange reserves, securing jobs and maintaining a comfortable social safety net.
This Medium-term Growth and Development Strategy (MGDS) 2013-2020 recognises, as a point of departure, the need and urgency to jumpstart and sustain private sector and investment-led, productivity and export-driven growth based on an environmentally green and socially sustainable and equitable economy while radically adjusting and reforming the Barbadian economy. In an effort to articulate a comprehensive Growth and Development Strategy for Barbados, a broad national vision, four (4) goals and twenty (20) objectives are stated. While seeking to broadly achieve sustainable growth and development, the framework takes implicit and explicit cognisance of the need to ensure environmentally efficient resource use in the context of a Green Economy.
The vision is one that is underpinned by the country’s long-term goal which is to become “A Fully Developed and People-centred Society, through New Development Pathways”. Underpinning the broad strategic vision of the MGDS 2013 – 2020, are four goals, which are to: 1) Return the economy to a sustainable growth rate of 3 per cent while maintaining macroeconomic stability; 2) Facilitate broad-based adjustments and reforms in the economy; 3) Enhance social and human development and; 4) Enhance energy and environmental sustainability in the context of the Green Economy.