The global business sector continued to perform well during
2023, as reported by the Central Bank of Barbados, and the Barbados
economy is projected to grow by approximately 4% during 2024. The
economic outlook for Barbados is reported to be "cautiously
optimistic", predicated on a continued robust tourism sector,
increased airlift and sustainable public and private investment.
This therefore calls for a whole-of-government and private sector
approach – a true collaborative effort of all stakeholders
focused on the continued delivery of excellence in all spheres.
New things are happening in the sector!
Revised Corporate Tax Rate
This year commenced with the introduction of Barbados'
revised general corporate tax rate of 9%, but with provision for
exceptions for approved small businesses that earn under
US$1million in revenue, as well as insurance companies. The
Honourable Mia Amor Mottley, S.C., M.P., Prime Minister of
Barbados, announced changes to Barbados'
