CaribWorldNews, BRIDGETOWN, Barbados, Thurs. July 30, 2009: Barbados` economy is contracting amid the global meltdown, says the governor of the island`s Central Bank.
Bank governor Marion Williams at a news conference this week said that the economy has contracted by 3 percent through the first two quarters of the year amid the global economic slowdown.
The island is heavily dependent on tourism and financial off-shore companies, sectors which have both taken a beating this year.
But Williams insisted that the island is not in crisis because the country has sufficient foreign reserves unlike the early 1990s when Barbados endured a deep recession.