Economy ‘lacking innovation boost’

Barbados must adopt more technological innovations if it wants to reverse lagging productivity and unlock more economic growth.

That is the assessment of Cloe Ortiz de Mendivil, Inter-American Development Bank (IDB) country economist for Barbados.

“In Barbados, total factor productivity (TFP) is at the same level as two decades ago, and a boost to innovation is necessary to increase growth prospects,” she says in the IDB Caribbean Country Department’s final Caribbean Economics Quarterly for 2024.